Madison, Lyon County, Kansas Property Taxes
The median property tax rate in Madison, Kansas is 1.37%, which is significantly higher than the national median of 0.99% but slightly lower than the Kansas state median of 1.43%. With a median home value of $156,440 in Madison, the typical annual property tax bill amounts to $2,113, still below the national median of $2,690. Property taxes in Madison are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Madison's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Madison or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Madison, Lyon County, Kansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$2,143
$1,989
Ownwell’s Madison Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Madison with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Madison to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Madison, Lyon County, Kansas
Property taxes in Madison, Kansas, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Madison is 1.37%, significantly higher than the U.S. national median of 0.99%. Local government entities within Madison set these rates annually, and they can vary significantly across different neighborhoods. Each year, Madison estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Madison's effective property tax rate to other counties in Kansas and the national median. For comparison, the zip code 66860 has the highest median property tax rate of 1.37%, while the same zip code also has the lowest median tax rate of 1.37%. Understanding how these cities compare with Madison provides valuable insights into the varying tax landscape across Lyon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Madison Tax Rate
1.37%
Average Lyon County Tax Rate
1.51%
Average Kansas Tax Rate
1.43%
Average United States Tax Rate
0.99%
Property Tax Rates Across Madison, Lyon County, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66860 | 1.19% | 1.28% | 1.37% | 1.62% | 1.95% |
Source: Ownwell
Property Tax Assessment Values Across Madison, Lyon County, Kansas
In Madison, Kansas, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Lyon County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. Assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Madison helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Madison's highest median tax bill is $2,113 in the 66860 zip code, while the lowest median tax bill is also $2,113 in the same zip code.
Property Tax Assessment Values Across Madison, Lyon County, Kansas
Source: Ownwell
$81,195
$132,395
$183,595
Average Madison Assessed Value
$156,440
Average Lyon County Assessed Value
$135,800
Average Kansas Assessed Value
$156,260
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Madison, Lyon County, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66860 | $32,358 | $73,938 | $156,440 | $262,845 | $336,105 |
Source: Ownwell
Property Tax Bills Across Madison, Lyon County, Kansas
In Madison, located in Lyon County, Kansas, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Madison is $156,440. Property taxes are determined by multiplying the assessed value by the local tax rate, which for Madison is higher than the national median property tax rate of 0.99%. Several factors influence the tax bill, including the home's location, its assessed value, and any applicable exemptions or deductions. For instance, the 25th percentile tax bill is $1,288, while the 75th percentile tax bill is significantly higher at $3,454. The tax bill for the 90th percentile can reach up to $4,700. These property taxes directly impact homeowners, affecting their annual expenses and potentially influencing their decisions regarding homeownership and property investments. Higher property taxes can lead to increased monthly mortgage payments, while lower taxes can make owning a home more affordable.
Average Madison Tax Bill
$2,113
Average Lyon County Tax Bill
$2,056
Average Kansas Tax Bill
$2,595
Average United States Tax Bill
$2,690
Property Tax Bills Across Madison, Lyon County, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66860 | $690 | $1,288 | $2,113 | $3,454 | $4,700 |
Source: Ownwell