Algoma, Wisconsin Property Taxes
The median property tax rate in Algoma, WI is 1.41%, significantly higher than the national median of 0.99% but lower than the Wisconsin state median of 1.58%. With the median home value in Algoma at $237,500, the typical annual property tax bill reaches $2,863, exceeding the national median of $2,690. Property taxes in Algoma are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Algoma'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 Algoma 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
Algoma, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.41%
Estimate Property Tax Bill
$3,349
Ownwell’s ALGOMA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in ALGOMA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ALGOMA 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 Algoma, Wisconsin
Property taxes in Algoma, Wisconsin, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Algoma is 1.41%, significantly higher than the U.S. national median of 0.99%. Local government entities within Algoma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Algoma 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 Algoma's effective property tax rate to other areas in Wisconsin and the national median. For comparison, the zip code 54201 has both the highest and lowest median property tax rate of 1.41%. Understanding how these areas compare with Algoma provides valuable insights into the varying tax landscape across Door County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Algoma Tax Rate
1.41%
Average Door County Tax Rate
1.06%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Algoma, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54201 | 0.14% | 1.41% | 1.41% | 1.41% | 1.45% |
Source: Ownwell
Property Tax Assessment Values Across Algoma, Wisconsin
In Algoma, 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 Door 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 Algoma, 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 Algoma helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Algoma are both $2,863, found in the 54201 zip code.
Average Algoma Assessed Value
$237,500
Average Door County Assessed Value
$231,500
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Algoma, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54201 | $138,100 | $160,000 | $237,500 | $345,600 | $431,800 |
Source: Ownwell
Property Tax Bills Across Algoma, Wisconsin
In Algoma, located in Door County, WI, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the city’s assessor, who evaluates the property’s market value. This value is then multiplied by the local tax rate to determine the annual tax bill. In Algoma, the median home price is $237,500, and property tax bills can vary significantly. For instance, the 25th percentile tax bill is $2,001, while the 75th percentile reaches $4,863, and the 90th percentile can go up to $6,077. With the national median property tax rate at 0.99%, homeowners in Algoma experience a range of tax burdens depending on their property’s assessed value. This variability means that homeowners need to be aware of how fluctuations in property values and changes in local tax rates can impact their annual tax bills. Understanding these factors can help homeowners better plan for their financial obligations and potentially seek tax relief or exemptions if available.
Average Algoma Tax Bill
$2,863
Average Door County Tax Bill
$2,726
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Algoma, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54201 | $408 | $2,001 | $2,863 | $4,863 | $6,077 |
Source: Ownwell