Iron Belt, Wisconsin Property Taxes
The median property tax rate in Iron Belt, WI is 1.18%, which is higher than the national median of 0.99% but lower than the Wisconsin state median of 1.58%. With the median home value in Iron Belt, the typical annual property tax bill reaches $437, significantly below the national median of $2,690. Property taxes in Iron Belt are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Iron Belt'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 Iron Belt 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
Iron Belt, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$434
Ownwell’s IRON BELT Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in IRON BELT with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in IRON BELT 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 Iron Belt, Wisconsin
Property taxes in Iron Belt, Wisconsin, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Iron Belt is 1.18%, which is higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Iron Belt set these rates annually, and they can vary significantly across different neighborhoods. Each year, Iron Belt 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 Iron Belt's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 54536 zip code has the highest median property tax rate of 1.18%, while the same zip code also has the lowest median tax rate of 1.18%. Understanding how these areas compare with Iron Belt provides valuable insights into the varying tax landscape across Iron County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Iron Belt Tax Rate
1.18%
Average Iron County Tax Rate
1.39%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Iron Belt, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54536 | 1.17% | 1.18% | 1.18% | 1.18% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Iron Belt, Wisconsin
In Iron Belt, 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 Iron 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 Iron Belt, 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 Iron Belt 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 $437.00, found in the 54536 zip code.
Average Iron Belt Assessed Value
$36,800
Average Iron County Assessed Value
$97,500
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Iron Belt, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54536 | $8,900 | $20,700 | $36,800 | $58,000 | $92,320 |
Source: Ownwell
Property Tax Bills Across Iron Belt, Wisconsin
In Iron Belt, WI, property tax bills are calculated based on the assessed value of a home, which reflects its market value. The median home price in the area stands at $36,800. Local tax authorities then apply the relevant tax rate to this assessed value to determine the annual tax bill. For homeowners in Iron Belt, tax bills can vary significantly. The 25th percentile tax bill is $244, while the 75th percentile tax bill reaches $691. The highest tax bills in the area can go up to $1,086, representing the 90th percentile. Several factors influence these tax bills, including the property's assessed value, local tax rates, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Iron Belt's tax rates may seem more favorable, but the impact on homeowners can vary widely. Higher tax bills can strain household budgets, while lower bills offer some financial relief, reflecting the diverse economic landscape within the community.
Average Iron Belt Tax Bill
$437
Average Iron County Tax Bill
$1,604
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Iron Belt, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54536 | $104 | $244 | $437 | $691 | $1,086 |
Source: Ownwell