Madison, Wisconsin Property Taxes
The median property tax rate in Madison, WI is 3.76%, significantly higher than both the national median of 0.99% and the Wisconsin state median of 1.58%. With a median home value of $305,300 in Madison, the typical annual property tax bill amounts to $11,429, far 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 such as those for primary residences and agricultural properties. 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 another part of Dane County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Madison, Wisconsin Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.58%
Estimate Property Tax Bill
$3,160
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, Wisconsin
Property taxes in Madison, Wisconsin, 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 3.76%, significantly higher than both the Wisconsin 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 areas in Wisconsin and the national median. For comparison, the 53715 zip code has the highest median property tax rate of 3.89%, while the 53707 zip code has the lowest median tax rate of 1.48%. Understanding how these areas compare with Madison provides valuable insights into the varying tax landscape across Dane County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Madison Tax Rate
3.76%
Average Dane County Tax Rate
2.02%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Madison, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53558 | N/A | N/A | N/A | N/A | N/A |
| 53562 | N/A | N/A | N/A | N/A | N/A |
| 53593 | N/A | N/A | N/A | N/A | N/A |
| 53703 | 2.83% | 3.12% | 3.82% | 3.92% | 3.94% |
| 53704 | 1.93% | 3.59% | 3.71% | 3.83% | 3.91% |
| 53705 | 1.97% | 3.72% | 3.79% | 3.85% | 3.92% |
| 53706 | N/A | N/A | N/A | N/A | N/A |
| 53707 | 1.48% | 1.48% | 1.48% | 1.48% | 1.48% |
| 53711 | 3.60% | 3.72% | 3.78% | 3.87% | 3.93% |
| 53713 | 1.65% | 1.84% | 3.71% | 3.83% | 3.92% |
| 53714 | 3.60% | 3.67% | 3.71% | 3.79% | 3.91% |
| 53715 | 3.72% | 3.77% | 3.89% | 3.92% | 3.95% |
| 53716 | 3.67% | 3.69% | 3.72% | 3.80% | 3.96% |
| 53717 | 3.65% | 3.70% | 3.78% | 3.83% | 3.91% |
| 53718 | 1.65% | 3.69% | 3.78% | 3.92% | 4.00% |
| 53719 | 3.28% | 3.64% | 3.75% | 3.81% | 3.91% |
| 53726 | 3.81% | 3.83% | 3.86% | 3.92% | 3.94% |
| 53792 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Madison, Wisconsin
In Madison, Wisconsin, 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 Dane 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. For instance, the zip code 53726 has the highest median tax bill at $22,820, while the zip code 53707 has the lowest median tax bill at $4,470. 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
$305,300
Average Dane County Assessed Value
$304,700
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Madison, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53558 | N/A | N/A | N/A | N/A | N/A |
| 53562 | N/A | N/A | N/A | N/A | N/A |
| 53593 | N/A | N/A | N/A | N/A | N/A |
| 53703 | $15,000 | $20,000 | $328,450 | $468,900 | $645,000 |
| 53704 | $5,000 | $194,800 | $260,600 | $326,400 | $433,300 |
| 53705 | $149,920 | $300,000 | $398,200 | $508,500 | $669,960 |
| 53706 | N/A | N/A | N/A | N/A | N/A |
| 53707 | $302,100 | $302,100 | $302,100 | $302,100 | $302,100 |
| 53711 | $209,000 | $288,500 | $355,500 | $458,350 | $604,040 |
| 53713 | $108,720 | $156,950 | $251,200 | $327,750 | $428,960 |
| 53714 | $185,780 | $230,000 | $264,800 | $297,500 | $330,100 |
| 53715 | $250,360 | $308,950 | $367,400 | $453,900 | $568,300 |
| 53716 | $233,180 | $259,400 | $283,900 | $317,050 | $356,320 |
| 53717 | $189,930 | $266,350 | $372,650 | $483,475 | $618,400 |
| 53718 | $113,300 | $212,300 | $305,000 | $350,250 | $400,960 |
| 53719 | $105,130 | $223,400 | $319,800 | $381,900 | $460,900 |
| 53726 | $399,260 | $492,300 | $590,050 | $723,525 | $850,570 |
| 53792 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Madison, Wisconsin
Property tax bills in Madison, located in Dane County, WI, are calculated based on the assessed value of a property and the local tax rate. The median home price in Madison is approximately $305,300. The city uses the assessed value, which is determined by local assessors, to calculate the tax bill. Several factors are considered in this assessment, including the property's location, size, and market conditions. Homeowners in Madison can expect a wide range of tax bills depending on their property's assessed value. For instance, the 25th percentile tax bill is around $8,322, while the 75th percentile reaches up to $14,952. At the higher end, the 90th percentile tax bill can be as much as $19,880. Notably, the highest median tax bill in Madison is $22,820 in the 53726 zip code, whereas the lowest median tax bill is $4,470 in the 53707 zip code. These property taxes significantly impact homeowners, influencing their overall housing costs and financial planning.
Average Madison Tax Bill
$11,429
Average Dane County Tax Bill
$7,324
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Madison, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53558 | N/A | N/A | N/A | N/A | N/A |
| 53562 | N/A | N/A | N/A | N/A | N/A |
| 53593 | N/A | N/A | N/A | N/A | N/A |
| 53703 | $425 | $623 | $12,676 | $18,250 | $25,335 |
| 53704 | $98 | $7,046 | $9,738 | $12,178 | $15,753 |
| 53705 | $5,181 | $10,705 | $14,568 | $18,364 | $22,903 |
| 53706 | N/A | N/A | N/A | N/A | N/A |
| 53707 | $4,470 | $4,470 | $4,470 | $4,470 | $4,470 |
| 53711 | $6,873 | $10,632 | $13,389 | $17,315 | $22,811 |
| 53713 | $2,129 | $4,287 | $8,786 | $12,056 | $15,642 |
| 53714 | $5,458 | $8,528 | $9,971 | $11,282 | $12,624 |
| 53715 | $9,397 | $11,939 | $14,299 | $17,584 | $22,366 |
| 53716 | $8,558 | $9,662 | $10,680 | $12,064 | $13,696 |
| 53717 | $6,907 | $9,990 | $14,078 | $18,525 | $23,296 |
| 53718 | $3,098 | $6,308 | $11,275 | $13,315 | $15,461 |
| 53719 | $3,652 | $8,065 | $11,878 | $14,311 | $17,355 |
| 53726 | $15,318 | $18,876 | $22,820 | $28,133 | $33,008 |
| 53792 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell