Thorp, Wisconsin Property Taxes
The median property tax rate in Thorp, WI is 1.26%, which is significantly higher than the national median of 0.99%, yet lower than Wisconsin's state median of 1.58%. With a median home value of $122,000 in Thorp, the typical annual property tax bill amounts to $1,465, still below the national median of $2,690. Property taxes here are determined based on the tax assessed value, which usually falls below the market value due to exemptions like those for primary residences and agricultural properties. Gaining a thorough understanding of Thorp'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 Thorp 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
Thorp, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.26%
Estimate Property Tax Bill
$1,537
Ownwell’s Thorp Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thorp with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thorp 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 Thorp, Wisconsin
Property taxes in Thorp, Wisconsin, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thorp is 1.26%, significantly higher than both the Wisconsin state median of 1.63% and the U.S. national median of 0.99%. Local government entities within Thorp set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thorp 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 Thorp's effective property tax rate to other areas in Wisconsin and the national median. For comparison, the 54771 zip code has the highest median property tax rate of 1.26%, while the same zip code also has the lowest median tax rate of 1.26%. Understanding how these areas compare with Thorp provides valuable insights into the varying tax landscape across Taylor County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Thorp Tax Rate
1.26%
Average Taylor County Tax Rate
1.43%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thorp, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54771 | 1.02% | 1.15% | 1.26% | 1.33% | 1.44% |
Source: Ownwell
Property Tax Assessment Values Across Thorp, Wisconsin
In Thorp, 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 Taylor 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 Thorp, 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. The median home price in Thorp is $122,000, with tax bills ranging from $918 at the 25th percentile to $3,084 at the 90th percentile. Notably, the zip code 54771 has both the highest and lowest median tax bill at $1,465. Understanding these valuation concepts helps property owners navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Thorp Assessed Value
$122,000
Average Taylor County Assessed Value
$122,900
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Thorp, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54771 | $39,640 | $73,025 | $122,000 | $165,425 | $216,320 |
Source: Ownwell
Property Tax Bills Across Thorp, Wisconsin
Property tax bills in Thorp, located in Taylor County, WI, are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the local assessor and reflects the property's market value. Once the assessed value is established, it is multiplied by the tax rate to calculate the annual tax bill. In Thorp, the median home price stands at $122,000, and property tax rates can vary within the county. Homeowners in the 25th percentile pay around $918 annually, while those in the 75th percentile see bills closer to $2,149. At the 90th percentile, the tax bill can reach up to $3,084. These property taxes fund essential local services, such as schools, public safety, and infrastructure, directly impacting the quality of life in the community. Compared to the national median property tax rate of 0.99%, Thorp's property tax rates reflect the local economic conditions and the value placed on public services.
Average Thorp Tax Bill
$1,465
Average Taylor County Tax Bill
$1,816
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Thorp, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54771 | $439 | $918 | $1,465 | $2,149 | $3,084 |
Source: Ownwell