Park Falls, Wisconsin Property Taxes
The median property tax rate in Park Falls, WI is 1.72%, considerably higher than both the national median of 0.99% and the Wisconsin state median of 1.58%. With the median home value in Park Falls at $77,900, the typical annual property tax bill reaches $1,605, which is still below the national median of $2,690. Property taxes in Park Falls are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Park Falls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Park Falls 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
Park Falls, 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 PARK FALLS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in PARK FALLS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in PARK FALLS 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 Park Falls, Wisconsin
Property taxes in Park Falls, Wisconsin, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Park Falls is 1.72%, significantly higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Park Falls set these rates annually, and they can vary across different neighborhoods. Each year, Park Falls 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 Park Falls' effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 54552 zip code has the highest median property tax rate of 1.72%, while the same zip code also has the lowest median tax rate of 1.72%. Understanding how these cities compare with Park Falls provides valuable insights into the varying tax landscape across Price County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Park Falls Tax Rate
1.72%
Average Price County Tax Rate
1.67%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Park Falls, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54552 | 1.37% | 1.56% | 1.72% | 2.57% | 2.81% |
Source: Ownwell
Property Tax Assessment Values Across Park Falls, Wisconsin
In Park Falls, 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 Price 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 Park Falls, 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 Park Falls helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Park Falls is $77,900, with the highest and lowest median tax bills both being $1,605 in zip code 54552.
Average Park Falls Assessed Value
$77,900
Average Price County Assessed Value
$88,900
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Park Falls, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54552 | $29,200 | $47,200 | $77,900 | $140,400 | $215,440 |
Source: Ownwell
Property Tax Bills Across Park Falls, Wisconsin
In Park Falls, located in Price 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. Homeowners in Park Falls can expect varying tax bills depending on their property's assessed value. For instance, the median home price in the area is $77,900. Tax bills can range significantly, with the 25th percentile paying around $934, while those in the 75th percentile see bills closer to $2,556. High-value properties can face even steeper taxes, with the 90th percentile reaching up to $3,832. These property taxes fund essential public services such as schools, emergency services, and infrastructure, directly impacting the quality of life in the community. While the median tax bill in Park Falls is $1,605, it is important to note that this figure is higher than the national median property tax rate of 0.99%, making it crucial for homeowners to understand how their tax bills are determined.
Average Park Falls Tax Bill
$1,605
Average Price County Tax Bill
$1,546
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Park Falls, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54552 | $535 | $934 | $1,605 | $2,556 | $3,832 |
Source: Ownwell