| Madison Area Demographics |
|---|
| Population | 1990 | 1995 | 1998 | 2000 |
| Madison | 6,225 | 6,343 | 6,650 | 6,540 |
| Lake County | 10,518 | 10,797 | N/A | 11,276 |
| By Gender | Madison | Lake County |
|---|
| Male | 3,115 | 5,330 |
| Female | 3,535 | 5,467 |
| By Race | Madison | Lake County |
|---|
| Caucasian | 6,495 | 10,656 |
| Native American | 60 | 50 |
| Oriental | 58 | 48 |
| African American | 5 | 0 |
| Other | 32 | 43 |
| NOTE: The above Lake County quotes do include Madison |
| SOURCE: 1990 CENSUS (Information provided by the State Library) |
| Tax Type | Full & True Value | Tax Amt/Rate |
|---|
| COUNTY | $1,000 | $4.33 |
| CITY | $1,000 | $6.27 |
| SCHOOL | $1,000 | $10.06 Ag |
| City sales tax rate: | 1% |
| Additional city tax: | 1% |
| State sales tax rate: | 4% |
Tax Abatement Discretionary Formula
If a new building is built for an incoming business, it is said to be automatically worth $100,000. Therefore, the following formula would be applied:
- 1st year of business assessment = 20% x assessed value
- 2nd year of business assessment = 40% x assessed value
- 3rd year of business assessment = 60% x assessed value
- 4th year of business assessment = 80% x assessed value
- 5th year of business assessment = 100% x assessed value
*There is no corporate income tax or personal income tax.
