Madison, Ohio Property Taxes
The median property tax rate in Madison, OH is 2.17%, considerably higher than both the national median of 0.99% and the Ohio state median of 1.80%. With the median home value in Madison at $134,970, the typical annual property tax bill reaches $414, exceeding 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, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.17%
Estimate Property Tax Bill
$2,929
Ownwell’s Madison Property Tax Bill Calculator empowers homeowners, real estate investors, and prospective buyers to 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 provide an estimated property tax bill. This invaluable tool helps you grasp potential tax liabilities. For those curious about neighborhood-specific trends, scroll down to uncover more localized insights. Your property’s assessed value, determined by the county, forms the basis for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Madison, Ohio
Property taxes in Madison, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Madison is 2.17%, significantly higher 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 Ohio and the national median. For comparison, the zip code 44057 has both the highest and lowest median property tax rate of 2.17%. Understanding how these areas compare with Madison provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Madison Tax Rate
2.17%
Average Lake County Tax Rate
2.03%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Madison, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44057 | 0.98% | 2.10% | 2.17% | 3.58% | 9.71% |
Source: Ownwell
Property Tax Assessment Values Across Madison, Ohio
In Madison, Ohio, 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 Lake 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 in Madison is 44057, with a median tax bill of $414. The same zip code also has the lowest median tax bill at $414.
Average Madison Assessed Value
$134,970
Average Lake County Assessed Value
$154,020
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Madison, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44057 | $27,434 | $90,120 | $134,970 | $183,780 | $251,816 |
Source: Ownwell
Property Tax Bills Across Madison, Ohio
In Madison, located in Lake County, OH, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and typically reflects a percentage of the property's market value. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. Several factors influence the tax bill, including property size, location, and improvements made to the home. For instance, the median home price in Madison is $134,970, and the tax bills can vary significantly. Homeowners at the 25th percentile pay around $138 annually, while those at the 75th percentile face bills of approximately $1,406. At the 90th percentile, tax bills can soar to $3,213. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for Madison residents. Compared to the national median property tax rate of 0.99%, Madison's rates can vary widely, reflecting the diverse property values and local levies in the area.
Average Madison Tax Bill
$414
Average Lake County Tax Bill
$1,087
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Madison, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44057 | $35 | $138 | $414 | $1,406 | $3,213 |
Source: Ownwell