Random Lake, Wisconsin Property Taxes
The median property tax rate in Random Lake, WI is 1.10%, which is higher than both the national median of 0.99% and Wisconsin's state median of 1.58%. With a median home value of $257,550 in Random Lake, the typical annual property tax bill amounts to $2,842, surpassing the national median of $2,690. Property taxes in Random Lake are calculated based on the assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Random Lake'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 Random Lake or another part of Ozaukee County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Random Lake, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$2,833
Ownwell’s Random Lake Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Random Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Random Lake 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 Random Lake, Wisconsin
Property taxes in Random Lake, WI, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Random Lake is 1.10%, which is significantly higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Random Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Random Lake 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 Random Lake's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 53075 zip code has the highest median property tax rate of 1.10%, while the same zip code also has the lowest median tax rate of 1.10%. Understanding how these areas compare with Random Lake 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 Random Lake Tax Rate
1.10%
Average Ozaukee County Tax Rate
1.24%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Random Lake, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53075 | 0.95% | 1.02% | 1.10% | 1.14% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Random Lake, Wisconsin
In Random Lake, 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 Random Lake, 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Random Lake is 53075, with a tax bill of $2,842.
Average Random Lake Assessed Value
$257,550
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 Random Lake, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53075 | $144,030 | $196,250 | $257,550 | $293,950 | $371,730 |
Source: Ownwell
Property Tax Bills Across Random Lake, Wisconsin
In Random Lake, 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 Random Lake stands at $257,550. To determine the tax bill, the assessed value of the property is multiplied by the tax rate set by local authorities. Factors influencing the assessed value include the property's location, size, and condition. Homeowners in Random Lake can expect varying tax bills. For instance, those in the 25th percentile pay around $2,018, while those in the 75th percentile face bills closer to $3,374. At the 90th percentile, tax bills can reach up to $4,325. Compared to the national median property tax rate of 0.99%, these figures reflect the unique economic landscape of the area. Understanding how these factors interplay helps homeowners anticipate their annual property tax obligations, ensuring they are better prepared for financial planning.
Average Random Lake Tax Bill
$2,842
Average Ozaukee County Tax Bill
$4,109
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Random Lake, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53075 | $1,463 | $2,018 | $2,842 | $3,374 | $4,325 |
Source: Ownwell