Elkhart Lake, Wisconsin Property Taxes
The median property tax rate in Elkhart Lake, WI is 1.17%, slightly higher than the national median of 0.99% but lower than the Wisconsin state median of 1.58%. With a median home value of $243,828 in Elkhart Lake, the typical annual property tax bill amounts to $2,761, which surpasses the national median of $2,690. Property taxes here are calculated based on the assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Elkhart Lake'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 Elkhart Lake 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
Elkhart Lake, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$2,853
Ownwell’s ELKHART LAKE Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in ELKHART LAKE using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ELKHART LAKE to estimate your property tax bill. This valuable tool provides a clear understanding of your potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available as you scroll down. Your property’s assessed value, determined by the county, is used for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Elkhart Lake, Wisconsin
Property taxes in Elkhart Lake, Wisconsin, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elkhart Lake is 1.17%, higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Elkhart Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elkhart Lake 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 Elkhart Lake's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 53020 zip code has the highest median property tax rate of 1.17%, while the same zip code also has the lowest median tax rate of 1.17%. Understanding how these cities compare with Elkhart Lake provides valuable insights into the varying tax landscape across Sheboygan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elkhart Lake Tax Rate
1.17%
Average Manitowoc County Tax Rate
1.49%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elkhart Lake, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53020 | 1.01% | 1.10% | 1.17% | 1.20% | 1.23% |
Source: Ownwell
Property Tax Assessment Values Across Elkhart Lake, Wisconsin
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Elkhart Lake, Wisconsin. The market value represents 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 Manitowoc 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 Elkhart Lake, 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. The median home price in Elkhart Lake is $243,828. The highest median tax bill is found in the zip code 53020, with a value of $2,761. By being aware of these valuation processes, homeowners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Elkhart Lake, Wisconsin
Source: Ownwell
$116,650
$215,580
$314,510
Average Elkhart Lake Assessed Value
$243,828
Average Manitowoc County Assessed Value
$151,900
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elkhart Lake, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53020 | $116,735 | $157,584 | $243,828 | $310,142 | $414,058 |
Source: Ownwell
Property Tax Bills Across Elkhart Lake, Wisconsin
In Elkhart Lake, located in Manitowoc County, WI, property tax bills are influenced by several key factors. The tax bill is primarily determined by the assessed value of a property, which is based on its market value. The local tax rate is then applied to this assessed value to calculate the annual tax bill. For instance, with a median home price of $243,828, homeowners can expect varying tax bills depending on their property's assessed value and the local tax rate. The tax bill for the 25th percentile is around $1,706, while it rises significantly for the 75th percentile at $3,668, and even higher for the 90th percentile at $5,341. These figures illustrate the range of property tax burdens that homeowners might face. Compared to the national median property tax rate of 0.99%, homeowners in Elkhart Lake experience a diverse range of tax liabilities, which can significantly impact their annual financial planning and overall cost of living.
Average Elkhart Lake Tax Bill
$2,761
Average Manitowoc County Tax Bill
$2,169
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Elkhart Lake, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53020 | $1,152 | $1,706 | $2,761 | $3,668 | $5,341 |
Source: Ownwell