Elmwood Park, Wisconsin Property Taxes
The median property tax rate in Elmwood Park, WI is 1.68%, considerably higher than both the national median of 0.99% and the Wisconsin state median of 1.58%. With the median home value in Elmwood Park at $218,746, the typical annual property tax bill reaches $3,697, exceeding the national median of $2,690. Property taxes in Elmwood Park 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 Elmwood Park'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 Elmwood Park 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
Elmwood Park, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.68%
Estimate Property Tax Bill
$3,675
Ownwell’s Elmwood Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elmwood Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elmwood Park 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 Elmwood Park, Wisconsin
Property taxes in Elmwood Park, Wisconsin, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elmwood Park is 1.68%, higher than both the Wisconsin state median of 1.68% and the U.S. national median of 0.99%. Local government entities within Elmwood Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elmwood Park 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 Elmwood Park's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 53405 zip code has the highest median property tax rate of 1.68%, while the 53405 zip code also has the lowest median tax rate of 1.68%. Understanding how these cities compare with Elmwood Park provides valuable insights into the varying tax landscape across Racine County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elmwood Park Tax Rate
1.68%
Average Racine County Tax Rate
1.64%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elmwood Park, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53405 | 1.62% | 1.65% | 1.68% | 1.72% | 1.98% |
Source: Ownwell
Property Tax Assessment Values Across Elmwood Park, Wisconsin
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Elmwood Park, WI. 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 Racine 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 Elmwood Park, 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 Elmwood Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Elmwood Park are both $3,697 in the 53405 zip code.
Average Elmwood Park Assessed Value
$218,746
Average Racine County Assessed Value
$210,852
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elmwood Park, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53405 | $161,776 | $183,113 | $218,746 | $253,389 | $287,042 |
Source: Ownwell
Property Tax Bills Across Elmwood Park, Wisconsin
In Elmwood Park, located in Racine County, WI, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by the local tax assessor, who evaluates the property's market value. This assessed value is then multiplied by the tax rate to determine the annual tax bill. For instance, the median home price in Elmwood Park is $218,746, and tax bills can vary significantly. Homeowners in the 25th percentile can expect to pay around $2,987, while those in the 75th percentile might see bills closer to $4,326. At the 90th percentile, tax bills can reach up to $4,906. These figures illustrate how property taxes can impact homeowners differently based on their property's assessed value. Compared to the national median property tax rate of 0.99%, Elmwood Park's tax bills reflect the local economic conditions and funding needs, influencing how much homeowners contribute to public services and infrastructure.
Average Elmwood Park Tax Bill
$3,697
Average Racine County Tax Bill
$3,592
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Elmwood Park, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53405 | $2,445 | $2,987 | $3,697 | $4,326 | $4,906 |
Source: Ownwell