Medford, Wisconsin Property Taxes
The median property tax rate in Medford, WI is 1.43%, which is higher than the national median of 0.99% but slightly lower than the Wisconsin state median of 1.58%. With the median home value in Medford at $141,500, the typical annual property tax bill amounts to $2,117, which is below the national median of $2,690. Property taxes in Medford are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Medford'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 Medford or another part of Taylor County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Medford, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.43%
Estimate Property Tax Bill
$2,023
Ownwell’s Medford Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Medford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Medford to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities, making it easier to plan your finances. For those interested in neighborhood-level trends, scroll down to uncover more localized information. Your property’s assessed value is the figure assigned by the county for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Medford, Wisconsin
Property taxes in Medford, Wisconsin, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Medford is 1.43%, significantly higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Medford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Medford 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 Medford's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 54451 zip code has the highest median property tax rate of 1.43%, while the same zip code also has the lowest median tax rate of 1.43%. Understanding how these rates compare with Medford provides valuable insights into the varying tax landscape across Taylor County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Medford Tax Rate
1.43%
Average Taylor County Tax Rate
1.43%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Medford, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54451 | 1.24% | 1.34% | 1.43% | 1.66% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across Medford, Wisconsin
In Medford, 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 Taylor 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 Medford, 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 Medford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills both stand at $2,117 in the 54451 zip code, reflecting the uniformity in property tax assessments within the region.
Average Medford Assessed Value
$141,500
Average Taylor County Assessed Value
$122,900
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Medford, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54451 | $52,800 | $92,725 | $141,500 | $194,175 | $257,300 |
Source: Ownwell
Property Tax Bills Across Medford, Wisconsin
In Medford, located in Taylor 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 local assessors who evaluate the property's market value. This value is then multiplied by the tax rate set by local government entities, including the county, city, and school districts. For homeowners in Medford, the median home price is $141,500. Using this value, tax bills can vary significantly. For example, tax bills in the 25th percentile are around $1,353, while those in the 75th percentile reach up to $2,921. The 90th percentile tax bills can go as high as $3,875. These variations reflect differences in property values and the specific tax rates applied to different areas within the city. Compared to the national median property tax rate of 0.99%, Medford's property taxes can be higher or lower depending on individual property assessments and local tax rates, directly impacting homeowners' annual expenses.
Average Medford Tax Bill
$2,117
Average Taylor County Tax Bill
$1,816
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Medford, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54451 | $666 | $1,353 | $2,117 | $2,921 | $3,875 |
Source: Ownwell