Tomahawk, Wisconsin Property Taxes
The median property tax rate in Tomahawk, WI is 1.12%, which is higher than the national median of 0.99% but lower than the Wisconsin state median of 1.58%. With the median home value in Tomahawk, the typical annual property tax bill reaches $2,278, falling below the national median of $2,690. Property taxes in Tomahawk 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 Tomahawk'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 Tomahawk or another part of Lincoln County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tomahawk, 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 Tomahawk Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tomahawk with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tomahawk 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 Tomahawk, Wisconsin
Property taxes in Tomahawk, Wisconsin, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tomahawk is 1.12%, higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Tomahawk set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tomahawk 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 Tomahawk's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 54487 zip code has the highest median property tax rate of 1.12%, while the same zip code also has the lowest median tax rate of 1.12%. Understanding how these cities compare with Tomahawk provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tomahawk Tax Rate
1.12%
Average Lincoln County Tax Rate
1.15%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tomahawk, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54487 | 0.98% | 1.05% | 1.12% | 1.46% | 1.61% |
Source: Ownwell
Property Tax Assessment Values Across Tomahawk, Wisconsin
In Tomahawk, 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 Lincoln 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 Tomahawk, 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 Tomahawk helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 54487 has the highest and lowest median tax bill, both at $2,278, reflecting the area's consistent property values.
Average Tomahawk Assessed Value
$183,800
Average Lincoln County Assessed Value
$156,400
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tomahawk, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54487 | $77,900 | $118,500 | $183,800 | $271,100 | $364,300 |
Source: Ownwell
Property Tax Bills Across Tomahawk, Wisconsin
In Tomahawk, Lincoln County, WI, property tax bills are calculated based on the assessed value of a property, 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 $183,800, homeowners can expect varying tax bills depending on their property's assessed value and specific circumstances. Factors such as property improvements, location, and market conditions influence the assessed value. The tax bill can significantly impact homeowners, with the 25th percentile tax bill at $1,520 and the 75th percentile reaching $3,236. For those in the 90th percentile, tax bills can go up to $4,362. Comparatively, the highest and lowest median tax bills in Tomahawk are both $2,278, which aligns closely with the national median property tax rate of 0.99%. Understanding these calculations helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Tomahawk Tax Bill
$2,278
Average Lincoln County Tax Bill
$2,035
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Tomahawk, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54487 | $1,005 | $1,520 | $2,278 | $3,236 | $4,362 |
Source: Ownwell