Luck, Wisconsin Property Taxes
The median property tax rate in Luck, WI is 1.49%, which is considerably higher than the national median of 0.99% but slightly lower than the Wisconsin state median of 1.58%. With a median home value of $166,700 in Luck, the typical annual property tax bill reaches $2,501, just under the national median of $2,690. Property taxes in Luck are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Luck'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 Luck 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
Luck, Wisconsin Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.58%
Estimate Property Tax Bill
$3,160
Ownwell’s LUCK Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in LUCK with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LUCK to project your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in more granular data, you can explore neighborhood-level trends by scrolling down. Your property’s assessed value, determined by Burnett County, is the value used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Luck, Wisconsin
Property taxes in Luck, Wisconsin, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Luck is 1.49%, significantly higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Luck set these rates annually, and they can vary significantly across different neighborhoods. Each year, Luck 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 Luck's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 54853 zip code has the highest median property tax rate of 1.49%, while the same zip code also has the lowest median tax rate of 1.49%. Understanding how these cities compare with Luck provides valuable insights into the varying tax landscape across Burnett County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Luck Tax Rate
1.49%
Average Burnett County Tax Rate
1.10%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Luck, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54853 | 1.13% | 1.33% | 1.49% | 1.67% | 1.79% |
Source: Ownwell
Property Tax Assessment Values Across Luck, Wisconsin
In LUCK, 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 Burnett 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 LUCK, 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 LUCK helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 54853 at $2,501, while the lowest is also 54853 at $2,501.
Average Luck Assessed Value
$166,700
Average Burnett County Assessed Value
$141,700
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Luck, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54853 | $47,060 | $106,950 | $166,700 | $237,300 | $305,400 |
Source: Ownwell
Property Tax Bills Across Luck, Wisconsin
Property tax bills in Luck, Burnett County, WI, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local assessor's office, which evaluates the property's market value. The tax rate is then applied to this assessed value to calculate the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value, resulting in variations in tax bills. For homeowners in Luck, the median home price is $166,700. The tax bill can range significantly, with the 25th percentile at $1,742 and the 75th percentile at $3,834. At the 90th percentile, tax bills can reach up to $4,741, indicating a considerable range based on property characteristics. Compared to the national median property tax rate of 0.99%, homeowners in Luck experience varying tax obligations that can impact their overall financial planning. Understanding these factors is crucial for homeowners to anticipate their annual property tax expenses accurately.
Average Luck Tax Bill
$2,501
Average Burnett County Tax Bill
$1,677
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Luck, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54853 | $671 | $1,742 | $2,501 | $3,834 | $4,741 |
Source: Ownwell