Benoit, Wisconsin Property Taxes
The median property tax rate in Benoit, WI is 1.41%, considerably higher than both the national median of 0.99% and the Wisconsin state median of 1.58%. With the median home value in Benoit, the typical annual property tax bill reaches $1,123, exceeding the national median of $2,690. Property taxes in Benoit 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 Benoit'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 Benoit 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
Benoit, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.41%
Estimate Property Tax Bill
$1,121
Ownwell’s Benoit Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Benoit with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Benoit 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 Benoit, Wisconsin
Property taxes in Benoit, Wisconsin, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Benoit is 1.41%, significantly higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Benoit set these rates annually, and they can vary significantly across different neighborhoods. Each year, Benoit 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 Benoit's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 54816 zip code has the highest median property tax rate of 1.41%, while the same zip code also has the lowest median tax rate of 1.41%. Understanding how these cities compare with Benoit provides valuable insights into the varying tax landscape across Bayfield County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Benoit Tax Rate
1.41%
Average Bayfield County Tax Rate
1.14%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Benoit, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54816 | 1.41% | 1.41% | 1.41% | 1.41% | 1.41% |
Source: Ownwell
Property Tax Assessment Values Across Benoit, Wisconsin
In Benoit, 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 Bayfield 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 Benoit, 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 Benoit helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Benoit are both $1,123, found in the 54816 zip code.
Average Benoit Assessed Value
$79,500
Average Bayfield County Assessed Value
$167,000
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Benoit, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54816 | $79,500 | $79,500 | $79,500 | $79,500 | $79,500 |
Source: Ownwell
Property Tax Bills Across Benoit, Wisconsin
In Benoit, WI, property tax bills are calculated based on the assessed value of a homeowner's property. This assessed value is determined by local assessors who evaluate the property’s market value. The property tax rate in Benoit is then applied to this assessed value to calculate the annual tax bill. Factors such as the property's location, size, and any improvements or renovations can influence its assessed value and, consequently, the tax bill. Homeowners in Benoit face a median tax bill of $1,123, which is notably higher than the national median property tax rate of 0.99%. This higher tax bill can impact homeowners by increasing the overall cost of owning property in the area. It is essential for homeowners to understand how these assessments are made and to ensure their property is accurately assessed to avoid overpaying. Property tax bills in Benoit do not fluctuate significantly, as evidenced by the consistent tax bill amounts across different percentiles, providing a level of predictability for budgeting purposes.
Average Benoit Tax Bill
$1,123
Average Bayfield County Tax Bill
$1,916
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Benoit, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54816 | $1,123 | $1,123 | $1,123 | $1,123 | $1,123 |
Source: Ownwell