Elkhorn, Wisconsin Property Taxes
The median property tax rate in Elkhorn, WI is 1.22%, considerably higher than both the national median of 0.99% and the Wisconsin state median of 1.58%. With the median home value in Elkhorn, the typical annual property tax bill reaches $3,803, exceeding the national median of $2,690. Property taxes in Elkhorn 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 Elkhorn'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 Elkhorn 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
Elkhorn, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.22%
Estimate Property Tax Bill
$3,345
Ownwell’s Elkhorn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elkhorn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elkhorn 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 Elkhorn, Wisconsin
Property taxes in Elkhorn, Wisconsin, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elkhorn is 1.22%, higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Elkhorn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elkhorn 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 Elkhorn's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 53121 zip code has the highest median property tax rate of 1.22%, while the same zip code also has the lowest median tax rate of 1.22%. Understanding how these cities compare with Elkhorn provides valuable insights into the varying tax landscape across Walworth County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elkhorn Tax Rate
1.22%
Average Walworth County Tax Rate
1.30%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elkhorn, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53121 | 1.09% | 1.16% | 1.22% | 1.58% | 1.62% |
Source: Ownwell
Property Tax Assessment Values Across Elkhorn, Wisconsin
In Elkhorn, 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 Walworth 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 Elkhorn, 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 Elkhorn is $274,208. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The median tax bill ranges from $2,759 at the 25th percentile to $7,422 at the 90th percentile. The zip code 53121 holds the highest median tax bill of $3,803. Being aware of these valuation processes in Elkhorn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Elkhorn Assessed Value
$274,208
Average Walworth County Assessed Value
$260,578
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elkhorn, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53121 | $129,323 | $199,842 | $274,208 | $396,556 | $625,804 |
Source: Ownwell
Property Tax Bills Across Elkhorn, Wisconsin
In Elkhorn, WI, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $274,208, homeowners can expect varying tax bills depending on their property's assessed value and the specific tax rate applied. Factors such as property size, location, and improvements can influence the assessed value. In Elkhorn, the tax bill at the 25th percentile is around $2,759, while those at the 75th percentile see bills closer to $5,182. The highest median tax bill in the area is approximately $3,803, which is higher than the national median property tax rate of 0.99%. These tax obligations can significantly impact homeowners' finances, making it essential to understand how local assessments and tax rates affect overall costs.
Average Elkhorn Tax Bill
$3,803
Average Walworth County Tax Bill
$3,583
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Elkhorn, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53121 | $1,713 | $2,759 | $3,803 | $5,182 | $7,422 |
Source: Ownwell