Property Tax Assessment

The Madison County Property Assessor provides the property tax assessment, as the city does not appraise property. Questions regarding the appraised value of property should be directed to the Property Assessor’s Office at 731.423.6063.

Residential property is assessed at 25% of the appraised value, and taxes are levied on each $100 of assessed value.

The assessment rate on commercial property is 40% of appraised value, personal property assessed at 30% of appraised value and public utilities assessed at 55% (or 40% for real estate) of appraised value.

The city’s tax roll is based on records maintained by the Madison County Property Assessor as of January 1 of each tax year. Tax bills for property that has been sold after January 1 will be sent to the owner of record as of January 1 of that year because that is the name on the official tax roll. The law requires the notice to be sent to the official owner.

People who purchase property should contact the Recorder’s Office to request a tax bill for that property if they are responsible for any portion of the property taxes for that year. If payment of taxes is included in the closing process, be sure you understand whose responsibility it is to pay the taxes. Any prorating of taxes must be done between the buyer and seller. Even if the seller has agreed to pay taxes, any unpaid taxes will remain with the property and become the obligation of the new owners. Agreements between the seller and buyer have no effect on the city’s obligation to collect taxes or the legal guidelines the city follows in such matters.