Madison, Mississippi Property Taxes

The median property tax rate in Madison, MS is 0.96%, slightly below the national median of 0.99% and significantly lower than the Mississippi state median of 1.31%. With a median home value of $222,580 in Madison, the typical annual property tax bill amounts to $2,258, which is below the national median of $2,690. Property taxes in Madison are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Madison's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Madison or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.

Last Updated June 14, 2024

Madison, Mississippi Property Tax Bill Calculator

Property Assessed Value

$100,000

$2,500,000

$5,000,000

Average Tax Rate

1.31%

Estimate Property Tax Bill

$2,620

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, Mississippi

Property taxes in Madison, Mississippi, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Madison is 0.96%, slightly lower 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 Mississippi and the national median. For comparison, the zip code 39110 has both the highest and lowest median property tax rate of 0.96%. Understanding how these areas compare with Madison provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.

Property Tax Rates Across Madison, Mississippi

Source: Ownwell

0.54%

1.24%

1.94%

Average Madison Tax Rate

0.96%

Average Madison County Tax Rate

0.96%

Average Mississippi Tax Rate

1.31%

Average United States Tax Rate

0.99%

Property Tax Rates Across Madison, Mississippi

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
39110	0.64%	0.85%	0.96%	1.08%	1.58%
39130	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Assessment Values Across Madison, Mississippi

In Madison, Mississippi, 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 local 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. In Madison, 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. The highest and lowest median tax bills in the area are both $2,258, found in zip code 39110.

Property Tax Assessment Values Across Madison, Mississippi

Source: Ownwell

$31,765

$127,205

$222,645

Average Madison Assessed Value

$222,580

Average Madison County Assessed Value

$167,330

Average Mississippi Assessed Value

$68,000

Average United States Assessed Value

$244,900

Property Tax Assessment Values Across Madison, Mississippi

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
39110	$112,384	$156,472	$222,645	$324,710	$434,847
39130	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Bills Across Madison, Mississippi

Property tax bills in Madison, MS, are calculated based on the assessed value of a property, which is a percentage of its market value. The local government determines the tax rate, also known as the mill rate, which is then applied to the assessed value to calculate the tax bill. For instance, with a median home price of $222,580, homeowners can expect a range of tax bills depending on various factors such as property location and specific assessments. In Madison, the 25th percentile tax bill is approximately $1,447, while the 75th percentile tax bill is around $3,355, and those in the 90th percentile face tax bills up to $4,749. The highest and lowest median tax bills are both $2,258, indicating a consistent tax rate across different properties. This can significantly impact homeowners, as higher property taxes can increase the overall cost of owning a home, affecting affordability and financial planning. Compared to the national median property tax rate of 0.99%, Madison's tax rates are competitive, making it an attractive area for potential homeowners.

Property Tax Bills Across Madison, Mississippi

Source: Ownwell

$287

$1,273

$2,258

Average Madison Tax Bill

$2,258

Average Madison County Tax Bill

$1,681

Average Mississippi Tax Bill

$854

Average United States Tax Bill

$2,690

Property Tax Bills Across Madison, Mississippi

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
39110	$897	$1,447	$2,258	$3,355	$4,749
39130	N/A	N/A	N/A	N/A	N/A

Source: Ownwell