Madison, Ripley County, Indiana Property Taxes
- Median Madison, Indiana effective property tax rate: 0.77%, significantly lower than the national median of 1.02%, but lower than the Indiana state median of 0.99%.
- Median Madison, Indiana home value: $118,950
- Median annual Madison, Indiana tax bill: $1,048, $1,352 lower than the national median property tax bill of $2,400.
How are property taxes in Ripley calculated?
Property taxes in Madison, Indiana are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption. Understanding Madison’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Madison, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Madison, Ripley County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.77%
Estimate Property Tax Bill
$916
$850
Property Tax Rates Across Madison, Ripley County, Indiana
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Madison Tax Rate
0.77%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Ripley County Tax Rate
0.79%
Median Effective Indiana Tax Rate
0.99%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Madison, Ripley County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47250 | 0.42% | 0.58% | 0.77% | 1.56% | 1.69% |
Source: Ownwell
Property Tax Assessment Values Across Madison, Ripley County, Indiana
When examining property taxes in Madison, Indiana, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Ripley County Assessor estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Ripley County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Madison. For example, the median home price in Madison is $118,950, with tax bills ranging significantly across the county. Zip code 47250 has the highest median home price at $118,950.
Property Tax Assessment Values Across Madison, Ripley County, Indiana
Source: Ownwell
$41,650
$109,275
$176,900
Median Madison Market Value
$118,950
Median Ripley County Market Value
$137,800
Median Indiana Market Value
$170,700
Median United States Market Value
$235,294
Property Tax Assessment Values Across Madison, Ripley County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47250 | $53,800 | $87,900 | $118,950 | $176,775 | $292,520 |
Source: Ownwell
Property Tax Bills Across Madison, Ripley County, Indiana
In Madison, Ripley County, Indiana, property tax bills are determined by assessing the property's market value and applying the local tax rate. Homeowners in this region typically see a median tax bill of $1,048, which is below the national median of $2,400. The tax rate is applied to the assessed value of the property, and various factors such as location, property size, and improvements can influence this value. For instance, homes in the 25th percentile have tax bills around $599, while those in the 90th percentile see bills as high as $3,328. This variation reflects differences in property values and local tax rates.
For homeowners looking to reduce their tax burden, Ownwell offers expert services to appeal inaccurate assessments and secure exemptions. By analyzing your property’s assessed value and comparing it to similar properties, Ownwell can identify discrepancies that may lead to savings. With professional guidance, homeowners can potentially lower their tax bills, ensuring they pay only their fair share.
Median Madison Tax Bill
$1,048
Median Ripley County Tax Bill
$1,170
Median Indiana Tax Bill
$1,691
Median United States Tax Bill
$2,400
Property Tax Bills Across Madison, Ripley County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47250 | $286 | $599 | $1,048 | $1,824 | $3,328 |
Source: Ownwell