Monona, Wisconsin Property Taxes
The median property tax rate in Monona, WI is 1.93%, considerably higher than both the national median of 0.99% and the Wisconsin state median of 1.58%. With the median home value in Monona at $324,700, the typical annual property tax bill reaches $6,316, exceeding the national median of $2,690. Property taxes in Monona 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 Monona'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 Monona 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
Monona, 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 Monona Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monona with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monona 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 Monona, Wisconsin
Property taxes in Monona, Wisconsin, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monona is 1.93%, significantly higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Monona set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monona 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 Monona's effective property tax rate to other areas in Wisconsin and the national median. For comparison, the 53713 zip code has the highest median property tax rate of 2.03%, while the 53716 zip code has the lowest median tax rate of 1.93%. Understanding how these cities compare with Monona provides valuable insights into the varying tax landscape across Dane County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monona Tax Rate
1.93%
Average Dane County Tax Rate
2.02%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monona, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53713 | 2.03% | 2.03% | 2.03% | 2.03% | 2.03% |
| 53714 | 1.83% | 1.88% | 1.98% | 2.00% | 2.05% |
| 53716 | 1.84% | 1.89% | 1.93% | 1.99% | 2.09% |
Source: Ownwell
Property Tax Assessment Values Across Monona, Wisconsin
In Monona, 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 Dane 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 Monona, 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 Monona helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $8,176 in the 53714 zip code, while the lowest is $3,198 in the 53713 zip code.
Average Monona Assessed Value
$324,700
Average Dane County Assessed Value
$304,700
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monona, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53713 | $157,900 | $157,900 | $157,900 | $157,900 | $157,900 |
| 53714 | $276,540 | $362,800 | $439,100 | $493,500 | $688,140 |
| 53716 | $238,300 | $277,375 | $323,750 | $423,325 | $596,240 |
Source: Ownwell
Property Tax Bills Across Monona, Wisconsin
In Monona, located in Dane 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 local assessors and reflects the market value of the property. The tax rate, set by local government entities, is applied to this assessed value to calculate the total tax bill. Factors such as property size, location, and improvements can influence the assessed value, leading to variations in tax bills. For homeowners in Monona, the median home price is $324,700. Property tax bills can range significantly, with the 25th percentile at $5,342 and the 75th percentile reaching $8,483. At the 90th percentile, homeowners may face tax bills as high as $12,353. The highest median tax bill in the area is $8,176 in the 53714 zip code, while the lowest is $3,198 in the 53713 zip code. These variations highlight the impact of property assessments and local tax rates on homeowners. Comparatively, the national median property tax rate is 0.99%, providing a benchmark for understanding local tax burdens.
Average Monona Tax Bill
$6,316
Average Dane County Tax Bill
$7,324
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Monona, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53713 | $3,198 | $3,198 | $3,198 | $3,198 | $3,198 |
| 53714 | $5,645 | $7,030 | $8,176 | $9,822 | $13,672 |
| 53716 | $4,506 | $5,332 | $6,296 | $8,435 | $12,269 |
Source: Ownwell