Colfax, Chippewa County, Wisconsin Property Taxes
The median property tax rate in Colfax, WI is 0.92%, which is lower than both the national median of 0.99% and the Wisconsin state median of 1.58%. With a median home value of $215,650 in Colfax, the typical annual property tax bill is $1,964, falling below the national median of $2,690. Property taxes in Colfax are calculated based on the tax assessed value, which often is less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Colfax'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 Colfax or another part of Chippewa County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Colfax, Chippewa County, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$1,984
$1,841
Ownwell’s Colfax Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Colfax with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Colfax 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 Colfax, Chippewa County, Wisconsin
Property taxes in Colfax, Wisconsin, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Colfax is 0.92%, which is slightly below the U.S. national median of 0.99%. Local government entities within Colfax set these rates annually, and they can vary significantly across different neighborhoods. Each year, Colfax 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 Colfax's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the zip code 54730 has the highest median property tax rate of 0.92%, while the same zip code also has the lowest median tax rate of 0.92%. Understanding how these cities compare with Colfax provides valuable insights into the varying tax landscape across Chippewa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Colfax Tax Rate
0.92%
Average Chippewa County Tax Rate
1.09%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Colfax, Chippewa County, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54730 | 0.86% | 0.90% | 0.92% | 0.95% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Colfax, Chippewa County, Wisconsin
In Colfax, 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 Chippewa 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 Colfax, 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 median home price in Colfax is $215,650, with tax bills ranging from $1,365 at the 25th percentile to $3,678 at the 90th percentile. The highest and lowest median tax bills are both $1,964, found in the 54730 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Colfax, Chippewa County, Wisconsin
Source: Ownwell
$105,200
$194,125
$283,050
Average Colfax Assessed Value
$215,650
Average Chippewa County Assessed Value
$187,500
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Colfax, Chippewa County, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54730 | $96,750 | $153,725 | $215,650 | $303,025 | $384,300 |
Source: Ownwell
Property Tax Bills Across Colfax, Chippewa County, Wisconsin
In Colfax, WI, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Colfax is $215,650, and the property tax rate in the area plays a crucial role in determining the tax bill. Homeowners in Colfax can expect their tax bill to fall within a range, with the 25th percentile at $1,365 and the 75th percentile at $2,842. The 90th percentile tax bill can reach up to $3,678, highlighting the variability based on property value and assessment accuracy. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. These taxes fund essential services such as public schools, infrastructure, and emergency services, directly impacting the quality of life in the community. Compared to the national median property tax rate of 0.99%, Colfax homeowners might find their property taxes to be relatively moderate, allowing for a balanced contribution to community resources without overly burdening individual homeowners.
Average Colfax Tax Bill
$1,964
Average Chippewa County Tax Bill
$2,187
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Colfax, Chippewa County, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54730 | $845 | $1,365 | $1,964 | $2,842 | $3,678 |
Source: Ownwell