Iron River, Wisconsin Property Taxes
The median property tax rate in Iron River, WI is 1.37%, which is higher than the national median of 0.99% but lower than the Wisconsin state median of 1.58%. With the median home value in Iron River at $170,600, the typical annual property tax bill reaches $2,034, still below the national median of $2,690. Property taxes in Iron River are calculated based on the assessed value, which is often lower than the market value due to exemptions like primary residence and agricultural exemptions. Gaining a thorough understanding of Iron River's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you reside in the heart of Iron River or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Iron River, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$2,337
$2,169
Ownwell’s IRON RIVER Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in IRON RIVER with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in IRON RIVER 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 Iron River, Wisconsin
Property taxes in Iron River, Wisconsin, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Iron River is 1.37%, higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Iron River set these rates annually, and they can vary significantly across different neighborhoods. Each year, Iron River 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 Iron River's effective property tax rate to other areas in Wisconsin and the national median. For comparison, the 54847 zip code has the highest median property tax rate of 1.37%, while the same zip code also has the lowest median tax rate of 1.37%. Understanding how these areas compare with Iron River provides valuable insights into the varying tax landscape across Bayfield County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Iron River Tax Rate
1.37%
Average Bayfield County Tax Rate
1.14%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Iron River, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54847 | 0.76% | 1.14% | 1.37% | 1.37% | 1.49% |
Source: Ownwell
Property Tax Assessment Values Across Iron River, Wisconsin
In IRON RIVER, 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 Bayfield 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 IRON RIVER, 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. The highest median tax bill in the area is $2,034, and the lowest is also $2,034, both in the zip code 54847. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Iron River Assessed Value
$170,600
Average Bayfield County Assessed Value
$167,000
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Iron River, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54847 | $53,200 | $96,550 | $170,600 | $269,800 | $389,420 |
Source: Ownwell
Property Tax Bills Across Iron River, Wisconsin
In Iron River, WI, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the market value, reflecting the property's worth in the current real estate market. Homeowners in Iron River face a median property tax bill of $2,034, which is calculated by applying the local tax rate to the assessed value of their property. This tax rate is influenced by various factors, including local government budgets and school district funding needs. The property tax bill can vary significantly within the city, with the 25th percentile paying around $1,189 and the 75th percentile paying up to $3,101. For those at the 90th percentile, the tax bill can reach as high as $4,770. These taxes fund essential public services such as schools, roads, and emergency services, directly impacting the quality of life for residents. Comparatively, the national median property tax rate is 0.99%, making Iron River's property taxes a crucial consideration for homeowners.
Average Iron River Tax Bill
$2,034
Average Bayfield County Tax Bill
$1,916
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Iron River, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54847 | $662 | $1,189 | $2,034 | $3,101 | $4,770 |
Source: Ownwell