Florence, Wisconsin Property Taxes
The median property tax rate in Florence, WI is 1.53%, which is 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 Florence at $120,700, the typical annual property tax bill reaches $1,789, falling below the national median of $2,690. Property taxes in Florence are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Florence'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 Florence 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
Florence, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.53%
Estimate Property Tax Bill
$1,847
Ownwell’s Florence Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Florence with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Florence 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 Florence, Wisconsin
Property taxes in Florence, Wisconsin, are essential in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Florence is 1.53%, significantly higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Florence set these rates annually, and they can vary significantly across different neighborhoods. Each year, Florence 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 Florence's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the zip code 54121 has the highest median property tax rate of 1.53%, while the same zip code also represents the lowest median tax rate of 1.53%. Understanding how these cities compare with Florence provides valuable insights into the varying tax landscape across Florence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Florence Tax Rate
1.53%
Average Florence County Tax Rate
1.51%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Florence, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54121 | 1.14% | 1.37% | 1.53% | 1.63% | 1.68% |
Source: Ownwell
Property Tax Assessment Values Across Florence, Wisconsin
In Florence, 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 Florence 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 Florence, 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 Florence helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 54121 has both the highest and lowest median tax bills, each at $1,789.
Average Florence Assessed Value
$120,700
Average Florence County Assessed Value
$107,800
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Florence, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54121 | $27,580 | $58,900 | $120,700 | $210,700 | $329,540 |
Source: Ownwell
Property Tax Bills Across Florence, Wisconsin
In Florence, WI, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Florence is $120,700. To determine the tax bill, the assessed value is multiplied by the local tax rate, which varies depending on the specific area within the county. For instance, the highest median tax bill in Florence is $1,789, while the lowest is also $1,789, indicating a consistent rate across the county. Several factors influence the assessed value, including the home's market value, location, and any improvements or renovations. Homeowners in Florence might see tax bills ranging from $814 at the 25th percentile to $3,336 at the 75th percentile, with the 90th percentile reaching up to $5,333. These taxes fund essential public services such as schools, infrastructure, and emergency services, impacting homeowners by contributing to the overall quality of life in the community. Compared to the national median property tax rate of 0.99%, Florence's property taxes reflect the unique economic and market conditions of the area.
Average Florence Tax Bill
$1,789
Average Florence County Tax Bill
$1,605
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Florence, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54121 | $337 | $814 | $1,789 | $3,336 | $5,333 |
Source: Ownwell