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This website give information about taxi fares from the airport:
Although is not very frequent, some dishonest taxi drivers might try to charge extra money from tourists. Just in case, make sure that the meter is on when you start the journey and that it is set to "beginning of trip" fare (in 2014, it ranges from 2,40 to 2,90 eur), all supplements must be applied at the end of the journey. Should the meter not be set to initial fare at the start, require explanations and request it to be set to initial fare, failure to do this should result in taking another taxi.
The fare indicated at the end of the trip + all the authorized supplements (clearly indicated in the rear doors of the car) should be the final price.
The journey from the airport to the city centre costs 30€. (flat fare since January 2014). Other destinations around the centre of Madrid might be more expensive. If unsure of the fare:
If they trick you into a dishonest fare:
You will probably be refunded from the Oficina Municipal del Taxi .
2014 update: near the exits from the terminals there are information points regarding the taxi. You can find out there how much the trip will cost. For example, a trip within Calle 30 costs 30 € (fixed price) + 5,50€ suplement.
A taxi driver cannot refuse to take you even though your destination is close to the airport. However, bear in mind that a new fare was included in 2014 for those cases, and a minimum amount of 20 eur will be charged.
To take the taxi you just have to go to the taxi rank and an employee from Oficina municipal del taxi will help you out.