Jim Falls, Wisconsin Property Taxes
The median property tax rate in Jim Falls, WI, is 0.84%, which is notably lower than both the national median of 0.99% and the Wisconsin state median of 1.58%. With the median home value in Jim Falls at $184,400, the typical annual property tax bill amounts to $1,537, falling short of the national median of $2,690. Property taxes in Jim Falls are calculated based on the tax assessed value, which often remains below the market value due to various exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Jim Falls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Jim Falls or another part of Chippewa County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Jim Falls, 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 Jim Falls Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Jim Falls with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jim Falls 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 Jim Falls, Wisconsin
Property taxes in Jim Falls, Wisconsin, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jim Falls is 0.84%, which is lower than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Jim Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jim Falls 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 Jim Falls' effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 54748 zip code has both the highest and lowest median property tax rate of 0.84%. Understanding how these cities compare with Jim Falls provides valuable insights into the varying tax landscape across Chippewa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Jim Falls Tax Rate
0.84%
Average Chippewa County Tax Rate
1.09%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jim Falls, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54748 | 0.72% | 0.77% | 0.84% | 0.89% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Jim Falls, Wisconsin
In Jim Falls, 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 Chippewa 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 Jim Falls, 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 Jim Falls helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Jim Falls are both $1,537, found in the 54748 zip code.
Average Jim Falls Assessed Value
$184,400
Average Chippewa County Assessed Value
$187,500
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Jim Falls, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54748 | $24,140 | $126,600 | $184,400 | $269,700 | $389,640 |
Source: Ownwell
Property Tax Bills Across Jim Falls, Wisconsin
In Jim Falls, located in Chippewa County, WI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate, combined with the assessed value, determines the annual tax bill. For instance, with a median home price of $184,400, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is around $967, while the 75th percentile sees bills reaching $2,264, and the 90th percentile can go up to $3,412. These variations depend on factors such as property size, location, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Jim Falls' tax rates reflect the local government's budgetary needs and public service funding. For homeowners, understanding these factors is crucial as they directly impact annual expenses and long-term financial planning. The highest and lowest median tax bills in the area both stand at $1,537, providing a benchmark for comparison.
Average Jim Falls Tax Bill
$1,537
Average Chippewa County Tax Bill
$2,187
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Jim Falls, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54748 | $188 | $967 | $1,537 | $2,264 | $3,412 |
Source: Ownwell