Loretta, Wisconsin Property Taxes
The median property tax rate in Loretta, WI is 0.83%, significantly lower than both the national median of 0.99% and the Wisconsin state median of 1.58%. With a median home value of $106,450 in Loretta, the typical annual property tax bill is $810, well below the national median of $2,690. Property taxes in Loretta are calculated based on the tax assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Loretta's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Loretta or another part of Sawyer County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Loretta, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$884
Ownwell’s Loretta Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Loretta with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Loretta 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 Loretta, Wisconsin
Property taxes in Loretta, Wisconsin, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Loretta is 0.83%, slightly lower than the U.S. national median of 0.99%. Local government entities within Loretta set these rates annually, and they can vary significantly across different neighborhoods. Each year, Loretta 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 Loretta's effective property tax rate to other areas in Wisconsin and the national median. For comparison, the zip code 54896 has both the highest and lowest median property tax rate of 0.83%. Understanding how these areas compare with Loretta provides valuable insights into the varying tax landscape across Sawyer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Loretta Tax Rate
0.83%
Average Sawyer County Tax Rate
0.89%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Loretta, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54896 | 0.47% | 0.70% | 0.83% | 0.92% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Loretta, Wisconsin
In Loretta, 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 Sawyer 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 Loretta, 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. The median home price in Loretta is $106,450, with tax bills ranging from $462 to $2,005 depending on the percentile. The highest median tax bill in the area is $810 in the 54896 zip code. 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 Loretta helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Loretta Assessed Value
$106,450
Average Sawyer County Assessed Value
$195,000
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Loretta, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54896 | $38,060 | $64,500 | $106,450 | $154,675 | $235,130 |
Source: Ownwell
Property Tax Bills Across Loretta, Wisconsin
In Loretta, WI, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Loretta is $106,450. The property tax rate in Loretta is applied to this assessed value to determine the annual tax bill. Homeowners in the 25th percentile can expect a tax bill around $462, while those in the 75th percentile may see bills close to $1,248. For the top 10% of homeowners, tax bills can reach up to $2,005. Several factors influence these tax bills, including the home's market value, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Loretta's property tax rates can vary significantly, impacting homeowners differently based on their property's assessed value. Understanding these factors is crucial for homeowners, as higher property taxes can affect overall affordability and long-term financial planning.
Average Loretta Tax Bill
$810
Average Sawyer County Tax Bill
$1,766
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Loretta, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54896 | $247 | $462 | $810 | $1,248 | $2,005 |
Source: Ownwell