Madison, Nebraska Property Taxes
The median property tax rate in Madison, Nebraska is 1.29%, considerably higher than the national median of 0.99% but lower than the Nebraska state median of 1.75%. With the median home value in Madison at $318,405, the typical annual property tax bill reaches $4,145, surpassing the national median of $2,690. Property taxes in Madison are calculated based on the tax assessed value, which typically falls below the market value due to various 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 the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Madison, Nebraska Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.29%
Estimate Property Tax Bill
$4,107
-$43,046
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, Nebraska
Property taxes in Madison, Nebraska, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Madison is 1.29%, significantly higher than the U.S. national median of 0.99%. Local government entities within Madison set these rates annually, and they can vary 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 Nebraska and the national median. For comparison, the zip code 68748 has the highest median property tax rate of 1.29%, while the same zip code also has the lowest median tax rate of 1.29%. Understanding how these areas compare with Madison provides valuable insights into the varying tax landscape across Stanton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Madison Tax Rate
1.29%
Average Stanton County Tax Rate
1.63%
Average Nebraska Tax Rate
1.75%
Average United States Tax Rate
0.99%
Property Tax Rates Across Madison, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68748 | 1.18% | 1.28% | 1.29% | 1.32% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Madison, Nebraska
In Madison, Nebraska, 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 Stanton 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. The median home price in Madison is $318,405, with tax bills ranging from $1,882 at the 25th percentile to $10,333 at the 90th percentile. The highest and lowest median tax bills are both $4,145 in zip code 68748. Being aware of these valuation processes in Madison helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Madison Assessed Value
$318,405
Average Stanton County Assessed Value
$152,422
Average Nebraska Assessed Value
$182,439
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Madison, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68748 | $119,840 | $159,445 | $318,405 | $697,269 | $802,488 |
Source: Ownwell
Property Tax Bills Across Madison, Nebraska
In Madison, Stanton County, NE, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessment considers factors such as the property's market value, location, and any improvements made. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. For instance, the median home price in Madison is $318,405. Homeowners in the 25th percentile can expect a tax bill around $1,882, while those in the 75th percentile face a bill closer to $8,923. At the 90th percentile, tax bills can reach up to $10,333. Compared to the national median property tax rate of 0.99%, Madison's tax bills reflect the local economic conditions and property values. Understanding these factors helps homeowners anticipate their annual expenses and plan their finances accordingly. High property taxes can impact the affordability of homeownership, influencing decisions on buying, selling, or improving property.
Average Madison Tax Bill
$4,145
Average Stanton County Tax Bill
$2,426
Average Nebraska Tax Bill
$3,071
Average United States Tax Bill
$2,690
Property Tax Bills Across Madison, Nebraska
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 68748 | $1,439 | $1,882 | $4,145 | $8,923 | $10,333 |
Source: Ownwell