Bancroft, Wisconsin Property Taxes
The median property tax rate in Bancroft, WI is 1.34%, notably higher than the national median of 0.99% but lower than the Wisconsin state median of 1.58%. With a median home value of $131,200 in Bancroft, the typical annual property tax bill amounts to $1,635, which is below the national median of $2,690. Property taxes in Bancroft are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Bancroft'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 Bancroft or another part of Portage County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bancroft, 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 Bancroft Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bancroft with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bancroft 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 Bancroft, Wisconsin
Property taxes in Bancroft, Wisconsin, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bancroft is 1.34%, which is higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Bancroft set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bancroft 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 Bancroft's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 54921 zip code has the highest median property tax rate of 1.34%, while the 54921 zip code also has the lowest median tax rate of 1.34%. Understanding how these areas compare with Bancroft provides valuable insights into the varying tax landscape across Portage County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bancroft Tax Rate
1.34%
Average Portage County Tax Rate
1.54%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bancroft, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54921 | 1.06% | 1.19% | 1.34% | 1.37% | 1.58% |
Source: Ownwell
Property Tax Assessment Values Across Bancroft, Wisconsin
In Bancroft, 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 Portage 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. 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 Bancroft helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Bancroft is $1,635 in the 54921 zip code, while the lowest median tax bill is also $1,635 in the same zip code.
Average Bancroft Assessed Value
$131,200
Average Portage County Assessed Value
$182,500
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bancroft, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54921 | $19,240 | $63,100 | $131,200 | $207,400 | $291,880 |
Source: Ownwell
Property Tax Bills Across Bancroft, Wisconsin
In Bancroft, property tax bills are calculated based on the assessed value of a home, which reflects its market value. Local tax authorities in Portage County determine this assessed value, and it serves as the foundation for calculating the tax bill. The median home price in Bancroft is $131,200, and the property tax rate is applied to this value to determine the annual tax bill. Several factors influence the final tax amount, including the property's assessed value, the local tax rate, and any applicable exemptions or deductions. For instance, the tax bill at the 25th percentile is $830, while at the 75th percentile, it is $2,602, and at the 90th percentile, it reaches $3,676. This range demonstrates how varying property values and applicable exemptions can significantly impact the tax burden on homeowners. The property tax rate in Bancroft is essential for funding local services like schools, infrastructure, and emergency services, directly affecting homeowners. Understanding these factors helps homeowners anticipate their tax obligations and plan their finances accordingly.
Average Bancroft Tax Bill
$1,635
Average Portage County Tax Bill
$2,873
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Bancroft, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54921 | $261 | $830 | $1,635 | $2,602 | $3,676 |
Source: Ownwell