Rice Lake, Wisconsin Property Taxes
The median property tax rate in Rice Lake, WI is 1.29%, which is higher than the national median of 0.99% but lower than Wisconsin's state median of 1.58%. With the median home value in Rice Lake at $154,400, the typical annual property tax bill amounts to $2,008, which is below the national median of $2,690. Property taxes in Rice Lake are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Rice Lake'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 Rice Lake or another part of the city, knowing the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Rice Lake, 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 Rice Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rice Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rice Lake 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 Rice Lake, Wisconsin
Property taxes in Rice Lake, Wisconsin, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rice Lake is 1.29%, higher than both the Wisconsin state median of 1.53% and the U.S. national median of 0.99%. Local government entities within Rice Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rice Lake 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. For comparison, the zip code 54868 has the highest median property tax rate of 1.29%, while the same zip code also has the lowest median tax rate of 1.29%. Understanding how these cities compare with Rice Lake provides valuable insights into the varying tax landscape across Barron County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rice Lake Tax Rate
1.29%
Average Rusk County Tax Rate
1.18%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rice Lake, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54868 | 1.00% | 1.22% | 1.29% | 1.33% | 1.38% |
Source: Ownwell
Property Tax Assessment Values Across Rice Lake, Wisconsin
In Rice Lake, 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 local 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 Rice Lake, 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 Rice Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Rice Lake, the median home price is $154,400, with a 25th percentile tax bill of $795 and a 75th percentile tax bill of $3,081. The highest and lowest median tax bills are both $2,008 for the zip code 54868.
Average Rice Lake Assessed Value
$154,400
Average Rusk County Assessed Value
$102,350
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rice Lake, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54868 | $47,990 | $73,375 | $154,400 | $236,775 | $279,420 |
Source: Ownwell
Property Tax Bills Across Rice Lake, Wisconsin
In Rice Lake, property tax bills are calculated based on the assessed value of a home, which reflects its market value as determined by local authorities. The tax rate, applied to this assessed value, ultimately determines the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value, and therefore, the tax bill. For homeowners in Rice Lake, the median home price is $154,400. Tax bills can vary significantly, with the 25th percentile at $795 and the 75th percentile at $3,081. At the 90th percentile, homeowners may see tax bills as high as $3,426. Comparatively, the highest and lowest median tax bills in the area both stand at $2,008, within the zip code 54868. These property taxes fund essential services like schools, infrastructure, and emergency services, directly impacting community quality of life. Understanding these factors can help homeowners anticipate their financial obligations and plan accordingly.
Average Rice Lake Tax Bill
$2,008
Average Rusk County Tax Bill
$1,304
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Rice Lake, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54868 | $552 | $795 | $2,008 | $3,081 | $3,426 |
Source: Ownwell