Grafton, Wisconsin Property Taxes
The median property tax rate in Grafton, WI is 1.31%, notably higher than the national median of 0.99% but lower than Wisconsin's state median of 1.58%. With a median home value of $314,900 in Grafton, the typical annual property tax bill amounts to $3,863, surpassing the national median of $2,690. Property taxes in Grafton are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Grafton'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 Grafton 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
Grafton, 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 Grafton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grafton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grafton 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 Grafton, Wisconsin
Property taxes in Grafton, Wisconsin, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grafton is 1.31%, higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Grafton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grafton 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 Grafton's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 53024 zip code has the highest median property tax rate of 1.31%, while the same 53024 zip code also has the lowest median tax rate of 1.31%. Understanding how these cities compare with Grafton provides valuable insights into the varying tax landscape across Ozaukee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grafton Tax Rate
1.31%
Average Ozaukee County Tax Rate
1.24%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grafton, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53024 | 0.96% | 1.02% | 1.31% | 1.35% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Grafton, Wisconsin
In Grafton, 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 Ozaukee 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 Grafton, 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 Grafton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill in Grafton is 53024, with a median tax bill of $3,863. Conversely, the lowest median tax bill is also in the 53024 zip code, with the same value of $3,863.
Average Grafton Assessed Value
$314,900
Average Ozaukee County Assessed Value
$339,400
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grafton, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53024 | $196,600 | $246,600 | $314,900 | $429,675 | $556,040 |
Source: Ownwell
Property Tax Bills Across Grafton, Wisconsin
In Grafton, located in Ozaukee County, WI, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Grafton is $314,900. Homeowners in this area can expect their property tax bills to vary significantly, with the 25th percentile at $3,026 and the 75th percentile at $5,301. For those at the 90th percentile, the tax bill can reach up to $6,686. The tax rate is applied to the assessed value of the property, which is determined by local assessors. This assessed value is designed to reflect the market value of the home. Factors such as property size, location, and improvements play a crucial role in determining the assessed value. The highest median tax bill in the area is recorded at $3,863, which is more than the national median property tax rate of 0.99%. These property taxes fund essential public services such as schools, emergency services, and infrastructure, directly impacting the quality of life for homeowners.
Average Grafton Tax Bill
$3,863
Average Ozaukee County Tax Bill
$4,109
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Grafton, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53024 | $2,465 | $3,026 | $3,863 | $5,301 | $6,686 |
Source: Ownwell