Bayfield, Wisconsin Property Taxes
The median property tax rate in Bayfield, WI is 1.62%, considerably higher than both the national median of 0.99% and the Wisconsin state median of 1.58%. With the median home value in Bayfield at $196,550, the typical annual property tax bill reaches $3,279, exceeding the national median of $2,690. Property taxes in Bayfield are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bayfield's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Bayfield or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bayfield, Wisconsin Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.58%
Estimate Property Tax Bill
$3,160
Ownwell’s Bayfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bayfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bayfield 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 the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Bayfield, Wisconsin
Property taxes in Bayfield, Wisconsin, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bayfield is 1.62%, significantly higher than the U.S. national median of 0.99%. Local government entities within Bayfield set these rates annually, and they can vary across different neighborhoods. Each year, Bayfield 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 Bayfield's effective property tax rate to other areas and the national median. For comparison, ZIP code 54814 has both the highest and lowest median property tax rate of 1.62%. Understanding how these areas compare with Bayfield provides valuable insights into the varying tax landscape across Bayfield County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bayfield Tax Rate
1.62%
Average Bayfield County Tax Rate
1.14%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bayfield, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54814 | 1.58% | 1.62% | 1.62% | 1.85% | 1.86% |
Source: Ownwell
Property Tax Assessment Values Across Bayfield, Wisconsin
In Bayfield, 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 Bayfield County Assessor 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 Bayfield, 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 Bayfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 54814, with a median tax bill of $3,279.
Average Bayfield Assessed Value
$196,550
Average Bayfield County Assessed Value
$167,000
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bayfield, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54814 | $61,580 | $122,800 | $196,550 | $284,950 | $383,580 |
Source: Ownwell
Property Tax Bills Across Bayfield, Wisconsin
In Bayfield, WI, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Bayfield is $196,550, which serves as a baseline for determining property taxes. Homeowners in Bayfield can expect a range of tax bills depending on their property's assessed value. For instance, the 25th percentile tax bill is approximately $2,088, while the 75th percentile tax bill reaches around $4,706. At the 90th percentile, homeowners might see tax bills as high as $6,175. The local tax rate, combined with the assessed value, determines the final tax bill. The highest median tax bill in Bayfield's zip code 54814 is $3,279, which is notably higher than the national median property tax rate of 0.99%. These variations in tax bills significantly impact homeowners, influencing their annual financial planning and the overall affordability of homeownership in Bayfield. Understanding these factors is crucial for homeowners to manage their expenses effectively.
Average Bayfield Tax Bill
$3,279
Average Bayfield County Tax Bill
$1,916
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Bayfield, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54814 | $989 | $2,088 | $3,279 | $4,706 | $6,175 |
Source: Ownwell