Madison County, IL Property Tax Search
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In-depth Madison County, IL Property Tax Information
Assess all the factors that determine a property's taxes with a detailed report like the sample below. Create a free account and review your selected property's tax rates, value assessments and more.
See detailed property tax information from the sample report for 2473 center St, Madison County, IL
Property Tax Calculation
Property taxes are the primary source of funding for local government services in Illinois. Taxing districts, including school districts, municipalities, counties, park districts, libraries, and other local agencies, determine the funding required to provide those services. Each property's tax bill is based on its proportionate share of the total taxable value within the applicable taxing districts.
Market Value
In Madison County, market value, also known as fair cash value, is determined by the local assessing authority and represents the price a property would most likely sell for in a competitive and open market between a willing buyer and a willing seller, with neither party under any compulsion to buy or sell.
Assessed Value
Assessment is the basis upon which taxing authorities calculate property taxes. Under the Illinois Property Tax Code, real property in Madison County is generally assessed at 33.33% of its fair market value.
Agricultural land that qualifies as farmland is assessed under a separate state-mandated agricultural assessment system based on the land's productivity rather than its market value.
Exemptions and Taxable Value
Exemptions are available in Madison County which may lower the property's tax bill. These are deducted from the property's assessed value to give the property's taxable value.
We have no information about whether any exemptions currently apply to this property. Therefore, the taxable value will be equal to the assessed value.
Property Tax
The property tax is calculated by multiplying the property's assessed value by the applicable tax rate and represents an estimate of the amount a property owner would pay without any exemptions.
Actual taxes might differ from the figures displayed here due to various abatement and financial assistance programs. For more information please visit Madison County's Chief County Assessment Office, Treasurer or look up this property's current valuation and tax situation.
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Madison County Stats for Property Taxes
For an easier overview of the difference in tax rates between counties, explore the charts below. You can also get additional insights on median home values, income levels and homeownership rates in your area.
Effective tax rate (%)
1.96% of Assessed Home Value
2.11% of Assessed Home Value
1.02% of Assessed Home Value
Median real estate taxes paid
$3,117
$5,055
$2,869
Median home value
$159,400
$239,100
$281,900
Median income
$71,759
$78,433
$75,149
Owner occupied housing (%)
73.1%
66.7%
64.8%
Renter occupied housing (%)
26.9%
33.3%
35.2%
Frequently Asked Questions on Property Taxes
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