Madison, Lake County, Ohio Property Taxes
Median Madison, OH effective property tax rate: 2.17%, significantly higher than the national median of 1.02%, but lower than the Ohio state median of 1.80%.
Median Madison, OH home value: $134,970
Median annual Madison, OH tax bill: $414, $1,986 lower than the national median property tax bill of $2,400.
How are property taxes in Lake County calculated?
Property taxes in Madison, OH 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, Lake County, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.17%
Estimate Property Tax Bill
$2,929
$2,718
Property Tax Rates Across Madison, Lake County, Ohio
Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services annually and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Madison’s effective property tax rate to other cities in Ohio and the median property tax rates in Ohio and the U.S.
In Madison, located in Lake County, the effective property tax rate is higher than both the state and national medians. This means homeowners in Madison are paying more compared to the average property tax bill across the country. The property tax rate in Madison reflects the county's budget needs and the total assessed property values. Understanding these rates is crucial for homeowners looking to manage their property expenses effectively. With property taxes being a significant expense for homeowners, exploring potential savings through appeals and exemptions can be beneficial.
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
2.17%
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 Lake County Tax Rate
2.03%
Median Effective Ohio Tax Rate
1.80%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Madison, Lake County, 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, Lake County, Ohio
When examining property taxes in Madison, Ohio, 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 Lake County Auditor 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.
Assessment notices: In Lake County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. 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 $134,970, with tax bills ranging significantly across the county. Zip code 44057 has the highest median home price at $134,970.
Property Tax Assessment Values Across Madison, Lake County, Ohio
Source: Ownwell
$111,175
$393,275
$675,375
Median Madison Market Value
$134,970
Median Lake County Market Value
$154,020
Median Ohio Market Value
$133,400
Median United States Market Value
$235,294
Property Tax Assessment Values Across Madison, Lake County, 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, Lake County, Ohio
Median Madison Tax Bill
$414
Median Lake County Tax Bill
$1,087
Median Ohio Tax Bill
$2,396
Median United States Tax Bill
$2,400
Property Tax Bills Across Madison, Lake County, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44057 | $35 | $138 | $414 | $1,406 | $3,213 |
Source: Ownwell