South Wayne, Wisconsin Property Taxes
The median property tax rate in South Wayne, WI is 1.98%, considerably higher than both the national median of 0.99% and the Wisconsin state median of 1.58%. With the median home value in South Wayne, the typical annual property tax bill reaches $203, significantly lower than the national median of $2,690. Property taxes in South Wayne 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 South Wayne'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 South Wayne 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
South Wayne, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.98%
Estimate Property Tax Bill
$183
Ownwell’s SOUTH WAYNE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SOUTH WAYNE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SOUTH WAYNE 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 South Wayne, Wisconsin
Property taxes in South Wayne, Wisconsin, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in South Wayne is 1.98%, significantly higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within South Wayne set these rates annually, and they can vary significantly across different neighborhoods. Each year, South Wayne 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 South Wayne's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 53587 zip code has the highest median property tax rate of 1.98%, while the 53587 zip code has the lowest median tax rate of 1.98%. Understanding how these cities compare with South Wayne provides valuable insights into the varying tax landscape across Lafayette, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average South Wayne Tax Rate
1.98%
Average Lafayette County Tax Rate
1.84%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Wayne, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53587 | 1.48% | 1.73% | 1.98% | 2.03% | 2.03% |
Source: Ownwell
Property Tax Assessment Values Across South Wayne, Wisconsin
In South Wayne, 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 Lafayette 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 South Wayne, 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 South Wayne helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in South Wayne is $203.00 in the 53587 zip code, which is significantly lower than the national median property tax rate of 0.99%.
Average South Wayne Assessed Value
$9,225
Average Lafayette County Assessed Value
$15,150
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across South Wayne, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53587 | $2,626 | $4,006 | $9,225 | $93,025 | $152,210 |
Source: Ownwell
Property Tax Bills Across South Wayne, Wisconsin
In South Wayne, WI, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. For homeowners in South Wayne, the median home price is $9,225, which is significantly lower than the national median. The tax rate in Lafayette County, where South Wayne is located, results in a median tax bill of $203.00, which is consistent across different zip codes within the county. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or abatements. For instance, the tax bill can range from $94 at the 25th percentile to $2,822 at the 90th percentile, indicating variability based on property characteristics and valuation. This variability can significantly impact homeowners, especially those on a fixed income, as property taxes represent a recurring expense. By understanding these factors, homeowners can better anticipate their annual property tax obligations and plan their finances accordingly.
Average South Wayne Tax Bill
$203
Average Lafayette County Tax Bill
$291
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across South Wayne, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53587 | $48 | $94 | $203 | $1,768 | $2,822 |
Source: Ownwell