47250 Property Tax Rate

Property owners in ZIP code 47250 (Madison, Indiana) pay a median of $1,181/year in property taxes on homes valued at $179,900. This translates to an effective tax rate of 0.66%, which is 5% below the Indiana state average of 0.69%.

The monthly property tax burden for a median-valued home in 47250 is approximately $98, which factors into escrow payments on mortgages. This ZIP code is located within Jefferson County.

Compared to similar ZIP codes in Indiana, 47250 has lower property taxes. ZIP codes with similar effective rates include 47344 (0.66%) and 47562 (0.66%).

In Madison, property taxes represent approximately 2.1% of the median household income of $56,667, providing context for the relative tax burden on homeowners in this area.

Indiana reassesses all properties every three years without a state-imposed cap on value growth; Jefferson County will update your assessment at its next triennial revaluation cycle. Jefferson County provides a Homestead Property Tax Deduction for primary residences and Supplemental Homestead Deductions for seniors and disabled homeowners. File your homestead exemption with the Jefferson County Assessor within 30 days of closing to activate your deduction.