Racine, Wisconsin Property Taxes
The median property tax rate in Racine, WI is 1.58%, considerably higher than both the national median of 0.99% and the Wisconsin state median of 1.58%. With the median home value in Racine at $278,912, the typical annual property tax bill reaches $4,420, exceeding the national median of $2,690. Property taxes in Racine are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Racine'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 Racine 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
Racine, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.58%
Estimate Property Tax Bill
$4,407
Ownwell’s Racine Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Racine with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Racine 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 Racine, Wisconsin
Property taxes in Racine, Wisconsin, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Racine is 2.09%, significantly higher than both the Wisconsin state median of 1.53% and the U.S. national median of 0.99%. Local government entities within Racine set these rates annually, and they can vary significantly across different neighborhoods. Each year, Racine 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 Racine's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 53403 zip code has the highest median property tax rate of 2.09%, while the same zip code also has the lowest median tax rate of 2.09%. Understanding how these areas compare with Racine provides valuable insights into the varying tax landscape across Kenosha County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Racine Tax Rate
1.58%
Average Kenosha County Tax Rate
2.06%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Racine, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53403 | 1.53% | 1.56% | 1.58% | 1.61% | 1.63% |
Source: Ownwell
Property Tax Assessment Values Across Racine, Wisconsin
In Racine, 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 local 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 Racine, 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 Racine helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Racine, the zip code with the highest and lowest median tax bill is 53403, with a median tax bill of $4,420.
Average Racine Assessed Value
$278,912
Average Kenosha County Assessed Value
$201,507
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Racine, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53403 | $158,569 | $204,016 | $278,912 | $343,600 | $508,880 |
Source: Ownwell
Property Tax Bills Across Racine, Wisconsin
In Racine, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the property's location, size, and condition. For homeowners in Racine, the median home price is $278,912, and property tax bills can vary significantly. At the 25th percentile, homeowners can expect to pay around $3,211 annually, while those at the 75th percentile may see bills as high as $5,629. For those in the 90th percentile, property tax bills can reach $8,158. These figures highlight the range of potential tax burdens, which can impact a homeowner's budget and financial planning. Compared to the national median property tax rate of 0.99%, Racine's property tax rates can be a significant consideration for both current and prospective homeowners.
Average Racine Tax Bill
$4,420
Average Kenosha County Tax Bill
$4,787
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Racine, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53403 | $2,414 | $3,211 | $4,420 | $5,629 | $8,158 |
Source: Ownwell