Madison, North Carolina Property Taxes
The median property tax rate in Madison, NC is 0.74%, notably lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With a median home value of $108,400 in Madison, the typical annual property tax bill amounts to $741, which is significantly below the national median of $2,690. Property taxes in Madison are calculated based on the assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural land. 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 elsewhere in the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Madison, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$802
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, North Carolina
Property taxes in Madison, North Carolina, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Madison is 0.74%, which is 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 North Carolina and the national median. For comparison, the zip code 27025 has the highest median property tax rate of 0.74%, while the same zip code also has the lowest median tax rate of 0.74%. Understanding how these cities compare with Madison provides valuable insights into the varying tax landscape across Stokes County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Madison Tax Rate
0.74%
Average Stokes County Tax Rate
0.74%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Madison, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27025 | 0.43% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Madison, North Carolina
In Madison, North Carolina, 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 Stokes 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. The median home price in Madison is $108,400, with tax bills ranging from $520 at the 25th percentile to $1,565 at the 90th percentile. The zip code with the highest and lowest median tax bill is 27025, both at $741. 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.
Average Madison Assessed Value
$108,400
Average Stokes County Assessed Value
$130,100
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Madison, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27025 | $42,570 | $76,075 | $108,400 | $164,375 | $249,400 |
Source: Ownwell
Property Tax Bills Across Madison, North Carolina
In Madison, located in Stokes County, NC, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by county assessors who evaluate the market value of properties. Homeowners in Madison can expect their property tax bill to be influenced by several factors, including the assessed value of their home and the local tax rate. For instance, with a median home price of $108,400 in Madison, property tax bills can vary significantly. At the 25th percentile, a homeowner might pay around $520, while at the 75th percentile, the tax bill could be approximately $1076. Those at the 90th percentile might see tax bills as high as $1565. These property tax bills impact homeowners by influencing their annual housing costs. Compared to the national median property tax rate of 0.99%, homeowners in Madison experience a rate that reflects the local economic conditions and public service funding needs, ensuring that property tax contributions are in line with the community's requirements.
Average Madison Tax Bill
$741
Average Stokes County Tax Bill
$951
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Madison, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 27025 | $292 | $520 | $741 | $1,076 | $1,565 |
Source: Ownwell