Park Falls, Wisconsin Property Taxes
The median property tax rate in Park Falls, WI is 1.42%, which is higher than both the national median of 0.99% and the Wisconsin state median of 1.58%. With the median home value in Park Falls at $186,900, the typical annual property tax bill reaches $2,661, slightly below the national median of $2,690. Property taxes in Park Falls are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Park Falls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Park Falls 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
Park Falls, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.42%
Estimate Property Tax Bill
$2,654
Ownwell’s PARK FALLS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in PARK FALLS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in PARK FALLS 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 Park Falls, Wisconsin
Property taxes in Park Falls, Wisconsin, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Park Falls is 1.42%, significantly higher than the U.S. national median of 0.99%. Local government entities within Park Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Park Falls 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 Park Falls' effective property tax rate to other counties in Wisconsin and the national median. For comparison, the zip code 54552 has the highest median property tax rate of 1.42%, while the same zip code also has the lowest median tax rate of 1.42%. Understanding how these cities compare with Park Falls provides valuable insights into the varying tax landscape across Iron County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Park Falls Tax Rate
1.42%
Average Iron County Tax Rate
1.39%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Park Falls, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54552 | 1.42% | 1.42% | 1.42% | 1.42% | 1.43% |
Source: Ownwell
Property Tax Assessment Values Across Park Falls, Wisconsin
In Park Falls, 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 Iron 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 Park Falls, 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 Park Falls helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Park Falls is $186,900, with tax bills ranging from $1,616 at the 25th percentile to $5,048 at the 90th percentile. The highest and lowest median tax bill in the area is $2,661, found in the 54552 zip code.
Average Park Falls Assessed Value
$186,900
Average Iron County Assessed Value
$97,500
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Park Falls, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54552 | $56,150 | $107,325 | $186,900 | $270,475 | $354,040 |
Source: Ownwell
Property Tax Bills Across Park Falls, Wisconsin
In Park Falls, WI, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $186,900, homeowners can expect different tax bills depending on their property's assessed value and applicable exemptions. Factors that influence the tax bill include the property's location within Iron County, its assessed value, and any applicable exemptions or deductions. The tax bill can vary significantly, with the 25th percentile at $1,616 and the 75th percentile at $3,948. The highest tax bills, at the 90th percentile, can reach up to $5,048. These property taxes fund essential local services such as schools, public safety, and infrastructure. For homeowners, understanding how their tax bill is calculated and what factors affect it is crucial for financial planning and managing homeownership costs.
Average Park Falls Tax Bill
$2,661
Average Iron County Tax Bill
$1,604
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Park Falls, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54552 | $821 | $1,616 | $2,661 | $3,948 | $5,048 |
Source: Ownwell