Thorp, Wisconsin Property Taxes
The median property tax rate in Thorp, WI is 1.50%, considerably 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 Thorp at $134,500, the typical annual property tax bill reaches $2,065, which is below the national median of $2,690. Property taxes in Thorp are calculated based on the tax assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural land. Understanding Thorp'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 Thorp 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
Thorp, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.5%
Estimate Property Tax Bill
$2,018
Ownwell’s Thorp Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thorp with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thorp 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 Thorp, Wisconsin
Property taxes in Thorp, Wisconsin, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thorp is 1.50%, significantly higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Thorp set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thorp 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 Thorp's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the zip code 54771 has the highest median property tax rate of 1.50%, while the same zip code also has the lowest median tax rate of 1.50%. Understanding how these areas compare with Thorp provides valuable insights into the varying tax landscape across Clark County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Thorp Tax Rate
1.50%
Average Clark County Tax Rate
1.54%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thorp, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54771 | 1.26% | 1.39% | 1.50% | 1.61% | 1.68% |
Source: Ownwell
Property Tax Assessment Values Across Thorp, Wisconsin
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Thorp, Wisconsin. 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 Clark 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 Thorp, 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 Thorp helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Thorp are both $2,065, found in the 54771 zip code.
Average Thorp Assessed Value
$134,500
Average Clark County Assessed Value
$124,600
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Thorp, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54771 | $64,350 | $97,000 | $134,500 | $201,875 | $284,600 |
Source: Ownwell
Property Tax Bills Across Thorp, Wisconsin
In Thorp, 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 Clark County assessor and reflects the market value of the property. This value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $134,500, homeowners can expect their tax bills to vary significantly. At the 25th percentile, the tax bill is around $1,428, while at the 75th percentile, it rises to approximately $3,073. For those at the 90th percentile, the tax bill can reach up to $4,215. These figures illustrate the impact of property values and tax rates on homeowners' financial obligations. Comparatively, the national median property tax rate is 0.99%, highlighting how local factors can lead to higher or lower tax bills. Understanding these elements helps homeowners plan better for their annual expenses and manage their financial commitments effectively.
Average Thorp Tax Bill
$2,065
Average Clark County Tax Bill
$2,005
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Thorp, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54771 | $835 | $1,428 | $2,065 | $3,073 | $4,215 |
Source: Ownwell