Franksville, Wisconsin Property Taxes
The median property tax rate in Franksville, WI is 1.53%, which is significantly higher than the national median of 0.99% but slightly lower than the Wisconsin state median of 1.58%. With a median home value of $677,200 in Franksville, the typical annual property tax bill reaches $10,556, far exceeding the national median of $2,690. Property taxes in Franksville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Franksville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Franksville or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Franksville, 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 Franksville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Franksville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Franksville 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 Franksville, Wisconsin
Property taxes in Franksville, Wisconsin, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Franksville is 1.53%, significantly higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Franksville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Franksville 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 Franksville's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the zip code 53126 has the highest median property tax rate of 1.53%, while the same zip code also has the lowest median tax rate of 1.53%. Understanding how these cities compare with Franksville provides valuable insights into the varying tax landscape across Milwaukee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franksville Tax Rate
1.53%
Average Milwaukee County Tax Rate
2.38%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Franksville, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53126 | 1.52% | 1.53% | 1.53% | 1.57% | 1.58% |
Source: Ownwell
Property Tax Assessment Values Across Franksville, Wisconsin
In Franksville, 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 Milwaukee 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 Franksville, 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 Franksville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Franksville is $10,556 in the 53126 zip code, while the lowest median tax bill is also $10,556 in the same zip code.
Average Franksville Assessed Value
$677,200
Average Milwaukee County Assessed Value
$184,600
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Franksville, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53126 | $351,120 | $476,450 | $677,200 | $720,050 | $822,880 |
Source: Ownwell
Property Tax Bills Across Franksville, Wisconsin
In the city of Franksville, located in Milwaukee County, WI, property tax bills 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. This value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the assessed value, including the property's location, size, and condition, as well as recent sales of comparable properties in the area. Homeowners in Franksville face property tax bills that vary significantly. For instance, the 25th percentile tax bill is $7,390, while the 75th percentile tax bill is $10,934. The highest median tax bill in the area is $10,556, which is notably higher than the national median property tax rate of 0.99%. High property tax bills can impact homeowners by increasing the overall cost of homeownership, potentially affecting affordability and the local real estate market.
Average Franksville Tax Bill
$10,556
Average Milwaukee County Tax Bill
$3,903
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Franksville, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53126 | $5,556 | $7,390 | $10,556 | $10,934 | $12,490 |
Source: Ownwell