32340 Property Tax Rate

Property owners in ZIP code 32340 (Madison, Florida) pay a median of $1,053/year in property taxes on homes valued at $115,900. This translates to an effective tax rate of 0.91%, which is 19% above the Florida state average of 0.76%.

The monthly property tax burden for a median-valued home in 32340 is approximately $88, which factors into escrow payments on mortgages. This ZIP code is located within Madison County. This is $1,592 less than the Florida average of $2,645/year.

Compared to similar ZIP codes in Florida, 32340 has lower property taxes. ZIP codes with similar effective rates include 34984 (0.91%) and 33437 (0.91%).

In Madison, property taxes represent approximately 2.4% of the median household income of $43,393, providing context for the relative tax burden on homeowners in this area.

Florida's Save Our Homes Act resets your assessment to purchase price at closing, then caps annual homestead increases at 3% or CPI. Madison County homeowners qualify for a $25,000 homestead exemption plus an additional $25,000 exemption on non-school assessed value — file Form DR 501 with the Madison County Property Appraiser within 30 days of closing and occupancy. Contact the Madison County Property Appraiser to obtain a copy of your property's assessed value card and file a formal challenge (Petition for Adjustment) within 25 days of your Notice of Assessed Value if the opening valuation appears high relative to market comparables.