Port Wing, Wisconsin Property Taxes
The median property tax rate in Port Wing, WI is 1.40%, notably higher than the national median of 0.99% but lower than the Wisconsin state median of 1.58%. With the median home value in Port Wing at $112,450, the typical annual property tax bill reaches $1,505, which is below the national median of $2,690. Property taxes in Port Wing 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 Port Wing'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 Port Wing 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
Port Wing, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.4%
Estimate Property Tax Bill
$1,574
Ownwell’s PORT WING Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in PORT WING with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in PORT WING 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 Port Wing, Wisconsin
Property taxes in Port Wing, Wisconsin, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Port Wing is 1.40%, significantly higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Port Wing set these rates annually, and they can vary significantly across different neighborhoods. Each year, Port Wing 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 Port Wing's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the zip code 54865 has the highest median property tax rate of 1.40%, while the same zip code also has the lowest median tax rate of 1.40%. Understanding how these areas compare with Port Wing 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 Port Wing Tax Rate
1.40%
Average Bayfield County Tax Rate
1.14%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Port Wing, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54865 | 1.31% | 1.35% | 1.40% | 1.40% | 1.40% |
Source: Ownwell
Property Tax Assessment Values Across Port Wing, Wisconsin
In Port Wing, 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 Assessor 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 Port Wing, 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 Port Wing helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Port Wing is $112,450, with the highest and lowest median tax bills both at $1,505 in the 54865 zip code.
Average Port Wing Assessed Value
$112,450
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 Port Wing, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54865 | $34,340 | $62,225 | $112,450 | $179,075 | $315,160 |
Source: Ownwell
Property Tax Bills Across Port Wing, Wisconsin
In Port Wing, Bayfield County, WI, property tax bills are determined based on the assessed value of a home, which is distinct from its market value. The assessed value is typically a percentage of the market value, and local tax rates are applied to this figure. Factors such as property location, size, and improvements can influence the assessed value. Homeowners in Port Wing experience varying property tax bills, with the 25th percentile paying around $841 and the 75th percentile facing bills of about $2,238. At the higher end, the 90th percentile sees tax bills reaching up to $4,086. These amounts reflect the local tax rate and the assessed value of properties in the area. With a median home price of $112,450, the property tax rate in Port Wing can significantly impact homeowners' annual expenses. Compared to the national median property tax rate of 0.99%, local tax rates may vary, affecting the financial burden on homeowners. Understanding these factors can help residents anticipate and manage their property tax obligations effectively.
Average Port Wing Tax Bill
$1,505
Average Bayfield County Tax Bill
$1,916
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Port Wing, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54865 | $463 | $841 | $1,505 | $2,238 | $4,086 |
Source: Ownwell