Lakewood, Wisconsin Property Taxes
The median property tax rate in Lakewood, WI is 1.19%, which is higher than both the national median of 0.99% and the Wisconsin state median of 1.58%. With a median home value of $149,000 in Lakewood, the typical annual property tax bill reaches $1,765, surpassing the national median of $2,690. Property taxes in Lakewood 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 Lakewood'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 Lakewood 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
Lakewood, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.19%
Estimate Property Tax Bill
$1,773
Ownwell’s Lakewood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lakewood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lakewood 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 Lakewood, Wisconsin
Property taxes in Lakewood, Wisconsin, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lakewood is 1.19%, which is higher than the U.S. national median of 0.99%. Local government entities within Lakewood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lakewood 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 Lakewood's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 54138 zip code has the highest median property tax rate of 1.19%, while the same zip code also has the lowest median tax rate of 1.19%. Understanding how these cities compare with Lakewood provides valuable insights into the varying tax landscape across Oconto County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lakewood Tax Rate
1.19%
Average Oconto County Tax Rate
1.20%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lakewood, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54138 | 1.08% | 1.14% | 1.19% | 1.22% | 1.23% |
Source: Ownwell
Property Tax Assessment Values Across Lakewood, Wisconsin
In Lakewood, 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 Oconto 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 Lakewood, 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 Lakewood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Lakewood is $1,765 in the 54138 zip code, while the lowest median tax bill is also $1,765 in the same zip code.
Average Lakewood Assessed Value
$149,000
Average Oconto County Assessed Value
$159,700
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lakewood, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54138 | $44,800 | $84,400 | $149,000 | $233,400 | $343,500 |
Source: Ownwell
Property Tax Bills Across Lakewood, Wisconsin
In Lakewood, Oconto County, WI, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local assessor and reflects the market value of the property. This value is then multiplied by the property tax rate set by local taxing authorities to determine the annual tax bill. For example, with a median home price of $149,000, homeowners can expect varying tax bills. The tax bill at the 25th percentile is around $989, while those at the 75th percentile see bills close to $2,788. At the 90th percentile, the tax bill can reach up to $4,172. These figures show how property taxes can significantly impact homeowners, depending on their property's assessed value and the specific tax rate applied. Comparatively, the median property tax rate in Lakewood aligns closely with the national median rate of 0.99%, ensuring that homeowners are not disproportionately burdened. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Lakewood Tax Bill
$1,765
Average Oconto County Tax Bill
$2,049
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Lakewood, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54138 | $501 | $989 | $1,765 | $2,788 | $4,172 |
Source: Ownwell