Madison, Missouri Property Taxes
The median property tax rate in Madison, MO is 1.05%, slightly higher than the national median of 0.99% but lower than Missouri's state median of 1.20%. With a median home value of $122,000 in Madison, the typical annual property tax bill amounts to $1,058, which is below the national median of $2,690. Property taxes in Madison are calculated based on the assessed value, often lower than the market value due to exemptions like the 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 Randolph County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Madison, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$1,281
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, Missouri
Property taxes in Madison, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Madison is 1.05%, higher than both the Missouri state median and 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 Missouri and the national median. For comparison, the 65263 zip code has the highest median property tax rate of 1.05%, while the 65263 zip code also has the lowest median tax rate of 1.05%. Understanding how these cities compare with Madison provides valuable insights into the varying tax landscape across Randolph County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Madison Tax Rate
1.05%
Average Randolph County Tax Rate
1.24%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Madison, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65263 | 0.78% | 0.85% | 1.05% | 1.10% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Madison, Missouri
In Madison, Missouri, 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 Randolph 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. 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 zip code with the highest median tax bill is 65263, with a tax bill of $1058, while the lowest median tax bill is also in zip code 65263, with the same amount.
Average Madison Assessed Value
$122,000
Average Randolph County Assessed Value
$62,225
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Madison, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65263 | $29,838 | $42,920 | $122,000 | $147,520 | $202,674 |
Source: Ownwell
Property Tax Bills Across Madison, Missouri
In Madison, located in Randolph County, MO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For example, with a median home price of $122,000, the assessed value is determined by local assessment practices. The property tax rate is then applied to this assessed value to calculate the annual tax bill. Several factors influence the final tax bill, including the property's market value, local tax rates, and any exemptions or deductions homeowners may qualify for. In Madison, the tax bills can vary significantly; the 25th percentile tax bill is $433, while the 75th percentile tax bill reaches $1,534, and the 90th percentile tax bill is as high as $2,198. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Homeowners should stay informed about their property's assessed value and any changes in local tax rates to better manage their financial planning.
Average Madison Tax Bill
$1,058
Average Randolph County Tax Bill
$705
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Madison, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65263 | $259 | $433 | $1,058 | $1,534 | $2,198 |
Source: Ownwell