Elkhart Lake, Wisconsin Property Taxes
The median property tax rate in Elkhart Lake, WI is 1.58%, which is significantly higher than the national median of 0.99%. With a median home value of $270,450, the typical annual property tax bill in Elkhart Lake reaches $3,979, far exceeding the national median of $2,690. Property taxes in Elkhart Lake are calculated based on the assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Elkhart Lake'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 Elkhart Lake or another part of Sheboygan County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elkhart Lake, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.58%
Estimate Property Tax Bill
$4,273
Ownwell’s Elkhart Lake Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Elkhart Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elkhart Lake to provide an estimated property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more granular data, scroll down to explore trends at the neighborhood level. Your property’s assessed value is the figure assigned by Sheboygan County for property tax purposes, which takes into account any applicable exemptions.
Property Tax Rates Across Elkhart Lake, Wisconsin
Property taxes in Elkhart Lake, Wisconsin, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elkhart Lake is 1.58%, significantly higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Elkhart Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elkhart 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. The data below compares Elkhart Lake's effective property tax rate to other areas in Wisconsin and the national median. For comparison, the zip code 53020 has the highest median property tax rate of 1.58%, while the same zip code also has the lowest median tax rate of 1.58%. Understanding how these areas compare with Elkhart Lake provides valuable insights into the varying tax landscape across Sheboygan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elkhart Lake Tax Rate
1.58%
Average Sheboygan County Tax Rate
1.82%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elkhart Lake, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53020 | 1.32% | 1.32% | 1.58% | 1.58% | 1.58% |
Source: Ownwell
Property Tax Assessment Values Across Elkhart Lake, Wisconsin
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Elkhart Lake, Wisconsin. 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 Sheboygan 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 Elkhart 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 Elkhart Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $3,979, found in zip code 53020.
Average Elkhart Lake Assessed Value
$270,450
Average Sheboygan County Assessed Value
$188,600
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elkhart Lake, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53020 | $143,710 | $196,250 | $270,450 | $388,325 | $563,520 |
Source: Ownwell
Property Tax Bills Across Elkhart Lake, Wisconsin
In Elkhart Lake, Sheboygan County, WI, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. The median home price in Elkhart Lake is $270,450, and homeowners can expect property tax bills to vary significantly. For instance, tax bills range from the 25th percentile at $2,949 to the 75th percentile at $5,848, with the 90th percentile reaching as high as $8,324. Factors that influence the tax bill include the home's assessed value, any applicable exemptions, and the specific tax rate set by local taxing authorities. The highest median tax bill in the area is $3,979, which is notably higher than the national median property tax rate of 0.99%. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners in Elkhart Lake.
Average Elkhart Lake Tax Bill
$3,979
Average Sheboygan County Tax Bill
$3,209
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Elkhart Lake, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53020 | $2,174 | $2,949 | $3,979 | $5,848 | $8,324 |
Source: Ownwell