Princeton, Wisconsin Property Taxes
The median property tax rate in Princeton, WI is 1.26%, considerably higher than the national median of 0.99% but lower than the Wisconsin state median of 1.58%. With a median home value of $433,950 in Princeton, the typical annual property tax bill reaches $5,479, significantly exceeding the national median of $2,690. Property taxes in Princeton 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 Princeton'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 Princeton or another part of Marquette County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Princeton, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.26%
Estimate Property Tax Bill
$5,468
Ownwell’s Princeton Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Princeton with just two data points. By inputting your property's estimated assessed value, the calculator uses the median tax rate in Princeton to provide an estimate of your property tax bill. This tool offers a clear understanding of potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Princeton, Wisconsin
Property taxes in Princeton, Wisconsin, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Princeton is 1.26%, notably higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Princeton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Princeton 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 Princeton's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 54968 zip code has the highest median property tax rate of 1.26%, while the same zip code also has the lowest median tax rate of 1.26%. Understanding how these cities compare with Princeton provides valuable insights into the varying tax landscape across Marquette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Princeton Tax Rate
1.26%
Average Marquette County Tax Rate
1.32%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Princeton, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54968 | 1.25% | 1.25% | 1.26% | 1.30% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Princeton, Wisconsin
In Princeton, 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 Marquette 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 Princeton, 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 Princeton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Marquette County, the highest median tax bill is $5479 in the 54968 zip code, while the lowest is also $5479 in the same zip code.
Average Princeton Assessed Value
$433,950
Average Marquette County Assessed Value
$127,100
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Princeton, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54968 | $248,840 | $314,000 | $433,950 | $522,900 | $532,260 |
Source: Ownwell
Property Tax Bills Across Princeton, Wisconsin
Property tax bills in Princeton, Marquette County, WI, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local assessor and reflects the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. In Princeton, the median home price stands at $433,950, which significantly influences the tax bills. Homeowners in the 25th percentile can expect to pay around $4,002 annually, while those in the 75th percentile face tax bills of approximately $6,604. The tax bill for the 90th percentile peaks at $6,665. These figures are higher than the national median property tax rate of 0.99%, indicating a substantial property tax burden for Princeton homeowners. Factors such as property improvements, changes in market conditions, and local government budgets can also impact the assessed value and, consequently, the tax bill. This system ensures that property taxes are proportionate to the property's market value, affecting homeowners' financial planning and real estate decisions.
Average Princeton Tax Bill
$5,479
Average Marquette County Tax Bill
$1,806
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Princeton, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54968 | $3,307 | $4,002 | $5,479 | $6,604 | $6,665 |
Source: Ownwell