Rice Lake, Wisconsin Property Taxes
The median property tax rate in Rice Lake, WI is 1.49%, which is notably higher than the national median of 0.99% but slightly lower than the Wisconsin state median of 1.58%. With the median home value in Rice Lake at $174,400, the typical annual property tax bill amounts to $2,657, just under the national median of $2,690. Property taxes in Rice Lake are determined based on the assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. By gaining a thorough understanding of Rice Lake's property tax system, exploring potential exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether you reside in the heart of Rice Lake or its surrounding areas, being knowledgeable about the local property tax system is essential for maximizing your financial benefits.
Last Updated June 14, 2024
Rice Lake, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.49%
Estimate Property Tax Bill
$2,599
Ownwell’s Rice Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rice Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rice Lake to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by Barron County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Rice Lake, Wisconsin
Property taxes in Rice Lake, Wisconsin, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rice Lake is 1.49%, significantly higher than the U.S. national median of 0.99%. Local government entities within Rice Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rice Lake estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Rice Lake's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the zip code 54868 has the highest median property tax rate of 1.49%, while the lowest median tax rate in the same zip code is also 1.49%. Understanding how these areas compare with Rice Lake provides valuable insights into the varying tax landscape across Barron County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rice Lake Tax Rate
1.49%
Average Barron County Tax Rate
1.25%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rice Lake, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54868 | 1.19% | 1.27% | 1.49% | 1.82% | 1.92% |
Source: Ownwell
Property Tax Assessment Values Across Rice Lake, Wisconsin
In Rice Lake, Wisconsin, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Barron County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Rice Lake, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Rice Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 54868, both at $2,657, reflecting the regional consistency in property tax assessments.
Average Rice Lake Assessed Value
$174,400
Average Barron County Assessed Value
$176,200
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rice Lake, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54868 | $81,400 | $117,350 | $174,400 | $256,650 | $357,020 |
Source: Ownwell
Property Tax Bills Across Rice Lake, Wisconsin
In Rice Lake, located in Barron County, WI, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the market value of the property. The local tax rate is then applied to this assessed value to determine the annual property tax bill. Several factors influence the assessed value, including the property's size, location, and condition, as well as recent sales of comparable properties. Homeowners in Rice Lake can expect tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $1,849, while at the 75th percentile, it reaches $3,833. At the 90th percentile, the tax bill can be as high as $5,261. This variability means that homeowners with higher-valued properties will pay more in property taxes. Compared to the national median property tax rate of 0.99%, Rice Lake's tax rates reflect the local government's need to fund services and infrastructure, ultimately impacting homeowners' annual financial obligations.
Average Rice Lake Tax Bill
$2,657
Average Barron County Tax Bill
$2,341
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Rice Lake, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54868 | $1,263 | $1,849 | $2,657 | $3,833 | $5,261 |
Source: Ownwell