Milltown, Wisconsin Property Taxes
The median property tax rate in Milltown, WI is 1.10%, slightly above the national median of 0.99%, yet lower than the Wisconsin state median of 1.58%. With the median home value in Milltown, the typical annual property tax bill amounts to $2,287, which is below the national median of $2,690. Property taxes in Milltown are calculated based on the tax assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Milltown'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 Milltown or another part of Polk County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Milltown, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$1,801
Ownwell’s Milltown Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Milltown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milltown to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in seeing trends at a more localized level, additional neighborhood-specific 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 Milltown, Wisconsin
Property taxes in Milltown, Wisconsin, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milltown is 1.10%, which is higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Milltown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milltown 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 Milltown's effective property tax rate to other areas in Polk County and the national median. For comparison, the zip code 54858 has the highest median property tax rate of 1.10%, while the same zip code also has the lowest median tax rate of 1.10%. Understanding how these areas compare with Milltown provides valuable insights into the varying tax landscape across Polk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milltown Tax Rate
1.10%
Average Polk County Tax Rate
1.13%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milltown, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54858 | 0.97% | 1.03% | 1.10% | 1.59% | 1.71% |
Source: Ownwell
Property Tax Assessment Values Across Milltown, Wisconsin
In Milltown, 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 Polk 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 Milltown, 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. Milltown's median home price is $163,700, with tax bills ranging from $1,377 at the 25th percentile to $5,854 at the 90th percentile. The zip code 54858 has the highest and lowest median tax bill at $2,287. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Milltown Assessed Value
$163,700
Average Polk County Assessed Value
$219,000
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milltown, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54858 | $44,100 | $99,400 | $163,700 | $359,300 | $547,300 |
Source: Ownwell
Property Tax Bills Across Milltown, Wisconsin
In Milltown, located in Polk County, WI, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local assessors who evaluate the property’s market value. This assessed value is then multiplied by the local tax rate to calculate the tax bill. For instance, a home with a median price of $163,700 will have its tax bill determined by this formula. Several factors influence the assessed value, including the property's size, location, and condition. Homeowners in Milltown can expect their tax bills to vary significantly. At the 25th percentile, tax bills are around $1,377, while at the 75th percentile, they can reach up to $3,946, and at the 90th percentile, they can be as high as $5,854. Comparatively, the highest and lowest median tax bills in the region are both $2,287, which aligns with the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their annual expenses and plan accordingly.
Average Milltown Tax Bill
$2,287
Average Polk County Tax Bill
$2,629
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Milltown, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54858 | $537 | $1,377 | $2,287 | $3,946 | $5,854 |
Source: Ownwell