Genoa, Wisconsin Property Taxes
The median property tax rate in Genoa, WI is 1.20%, noticeably higher than the national median of 0.99% but lower than the Wisconsin state median of 1.58%. With a median home value of $167,550, the typical annual property tax bill in Genoa is $2,018, which is below the national median of $2,690. Property taxes in Genoa are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Genoa'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 Genoa 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
Genoa, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$2,011
Ownwell’s Genoa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Genoa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Genoa 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 Genoa, Wisconsin
Property taxes in Genoa, Wisconsin, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Genoa is 1.20%, higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Genoa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Genoa 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 Genoa's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 54632 zip code has the highest median property tax rate of 1.20%, while the same 54632 zip code also has the lowest median tax rate of 1.20%. Understanding how these areas compare with Genoa provides valuable insights into the varying tax landscape across Vernon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Genoa Tax Rate
1.20%
Average Vernon County Tax Rate
1.47%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Genoa, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54632 | 1.03% | 1.12% | 1.20% | 1.30% | 1.43% |
Source: Ownwell
Property Tax Assessment Values Across Genoa, Wisconsin
In Genoa, 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 Vernon 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 Genoa, 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 Genoa is $167,550, with tax bills ranging from $1,266 at the 25th percentile to $4,093 at the 90th percentile. The highest and lowest median tax bills are both $2,018 in the zip code 54632. 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 Genoa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Genoa Assessed Value
$167,550
Average Vernon County Assessed Value
$157,400
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Genoa, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54632 | $60,250 | $109,200 | $167,550 | $238,125 | $310,350 |
Source: Ownwell
Property Tax Bills Across Genoa, Wisconsin
In Genoa, WI, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Genoa is $167,550, which serves as a baseline for determining property taxes. Homeowners can expect a range of tax bills, with the 25th percentile at $1,266 and the 75th percentile at $3,084. The 90th percentile reaches up to $4,093, indicating significant variability based on property value and specific assessments. Several factors contribute to the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. For instance, the highest and lowest median tax bills in the area both stand at $2,018, reflecting the uniformity in some zip codes like 54632 within Vernon County. These property taxes impact homeowners by influencing the affordability and overall cost of homeownership in Genoa. Compared to the national median property tax rate of 0.99%, Genoa's tax rates can vary, affecting the financial planning of its residents.
Average Genoa Tax Bill
$2,018
Average Vernon County Tax Bill
$2,337
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Genoa, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54632 | $673 | $1,266 | $2,018 | $3,084 | $4,093 |
Source: Ownwell