Madison, New Hampshire Property Taxes
The median property tax rate in Madison, NH is 1.55%, which is significantly higher than the national median of 0.99% but lower than the New Hampshire state median of 1.91%. With a median home value of $235,150, the typical annual property tax bill in Madison reaches $3,506, surpassing 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 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, New Hampshire Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.55%
Estimate Property Tax Bill
$3,645
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, New Hampshire
Property taxes in Madison, New Hampshire, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Madison is 1.55%, 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. Understanding how Madison's effective property tax rate compares to the national median provides valuable insights into the varying tax landscape across Carroll County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Madison Tax Rate
1.55%
Average Carroll County Tax Rate
1.32%
Average New Hampshire Tax Rate
1.91%
Average United States Tax Rate
0.99%
Property Tax Rates Across Madison, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03849 | 1.08% | 1.55% | 1.55% | 1.55% | 1.55% |
Source: Ownwell
Property Tax Assessment Values Across Madison, New Hampshire
In Madison, New Hampshire, 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 Carroll 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 highest median tax bill in Madison is $3,506 in the 03849 zip code, while the lowest median tax bill is also $3,506 in the same zip code.
Average Madison Assessed Value
$235,150
Average Carroll County Assessed Value
$256,900
Average New Hampshire Assessed Value
$299,765
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Madison, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03849 | $124,100 | $175,500 | $235,150 | $319,125 | $460,600 |
Source: Ownwell
Property Tax Bills Across Madison, New Hampshire
In Madison, Carroll County, NH, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by local assessors who evaluate the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $235,150, homeowners can expect varied tax bills. The tax bill can range significantly, with the 25th percentile at $2,622 and the 75th percentile reaching $4,762. At the 90th percentile, the tax bill can climb to $6,586. These figures highlight the variability in tax burdens based on property values and assessments. Homeowners in Madison face a median property tax bill of $3,506, which is higher than the national median property tax rate of 0.99%. This can impact homeowners' annual budgets, making it crucial to understand how property values and local tax rates affect their financial responsibilities.
Average Madison Tax Bill
$3,506
Average Carroll County Tax Bill
$3,014
Average New Hampshire Tax Bill
$5,895
Average United States Tax Bill
$2,690
Property Tax Bills Across Madison, New Hampshire
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 03849 | $1,816 | $2,622 | $3,506 | $4,762 | $6,586 |
Source: Ownwell