Franksville, Wisconsin Property Taxes
The median property tax rate in Franksville, WI is 1.48%, considerably higher than both the national median of 0.99% and the Wisconsin state median of 1.58%. With the median home value in Franksville at $318,642, the typical annual property tax bill reaches $4,572, significantly exceeding the national median of $2,690. Property taxes in Franksville 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 Franksville'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 Franksville 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
Franksville, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.48%
Estimate Property Tax Bill
$4,716
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, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Franksville is 1.48%, significantly higher than both the Wisconsin state median of 1.53% 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 53126 zip code has the highest median property tax rate of 1.48%, while the same zip code also has the lowest median tax rate of 1.48%. Understanding how these cities compare with Franksville provides valuable insights into the varying tax landscape across Racine County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Franksville Tax Rate
1.48%
Average Racine County Tax Rate
1.64%
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 | 1.14% | 1.24% | 1.48% | 1.59% | 1.65% |
Source: Ownwell
Property Tax Assessment Values Across Franksville, Wisconsin
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Franksville, WI. 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 Racine County Assessor 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. For example, the median home price is $318,642, with annual property tax bills ranging from $3,258 at the 25th percentile to $7,386 at the 90th percentile. The highest and lowest median tax bills are both $4,572 in the 53126 zip code. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Franksville Assessed Value
$318,642
Average Racine County Assessed Value
$210,852
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 | $193,450 | $248,577 | $318,642 | $400,695 | $533,350 |
Source: Ownwell
Property Tax Bills Across Franksville, Wisconsin
In Franksville, located in Racine County, WI, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by local government assessors who evaluate the property's market value. This value is then multiplied by the tax rate to determine the annual property tax bill. For homeowners in Franksville, the median home price is $318,642. Property tax bills in this area can vary significantly. For example, the tax bill at the 25th percentile is $3,258, while at the 75th percentile, it rises to $5,813. At the 90th percentile, homeowners might see tax bills as high as $7,386. These tax bills can have a substantial impact on homeowners, influencing decisions related to home buying, selling, and budgeting. Compared to the national median property tax rate of 0.99%, the property tax rates in Franksville result in varying bills that reflect the assessed property values and local economic conditions.
Average Franksville Tax Bill
$4,572
Average Racine County Tax Bill
$3,592
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 | $2,354 | $3,258 | $4,572 | $5,813 | $7,386 |
Source: Ownwell