Colfax, Wisconsin Property Taxes
The median property tax rate in Colfax, WI is 1.28%, which is higher than the national median of 0.99% but lower than the Wisconsin state median of 1.58%. With a median home value of $198,500 in Colfax, the typical annual property tax bill amounts to $2,753, slightly above the national median of $2,690. Property taxes in Colfax are based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Colfax's property tax system, exploring available exemptions, and identifying potential reductions can result in significant annual savings. Whether you reside in the heart of Colfax or another part of Dunn County, familiarizing yourself with the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Colfax, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.28%
Estimate Property Tax Bill
$2,541
$2,358
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, Wisconsin
Property taxes in Colfax, Wisconsin, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Colfax is 1.28%, which is higher than both the Wisconsin state median and 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 areas in Dunn County and the national median. For comparison, the 54730 zip code has the highest median property tax rate of 1.28%, while the 54730 zip code also has the lowest median tax rate of 1.28%. Understanding how these areas compare with Colfax provides valuable insights into the varying tax landscape across Dunn County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Colfax Tax Rate
1.28%
Average Dunn County Tax Rate
1.31%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Colfax, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54730 | 1.18% | 1.24% | 1.28% | 1.44% | 1.79% |
Source: Ownwell
Property Tax Assessment Values Across Colfax, 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 Dunn 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. Being aware of these valuation processes in Colfax helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $2,753 in the 54730 zip code.
Average Colfax Assessed Value
$198,500
Average Dunn County Assessed Value
$211,100
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Colfax, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54730 | $104,600 | $148,325 | $198,500 | $277,575 | $375,850 |
Source: Ownwell
Property Tax Bills Across Colfax, Wisconsin
In Colfax, located in Dunn County, WI, property tax bills are calculated based on the assessed value of the property. The local tax rate, which is applied to the assessed value, plays a crucial role in determining the final tax bill. For homeowners in Colfax, the property tax rate is significantly higher compared to the national median property tax rate of 0.99%. Several factors are considered when calculating the tax bill, including the property's assessed value, which is influenced by market conditions, property size, and improvements made to the property. For example, homeowners in the 25th percentile can expect a tax bill around $2,095, while those in the 75th percentile might see bills as high as $3,691. At the 90th percentile, the tax bill can reach up to $4,903. These property taxes are essential for funding local services such as schools, infrastructure, and emergency services, directly affecting the quality of life in Colfax. Homeowners need to be aware of these factors as they can significantly impact their annual financial planning.
Average Colfax Tax Bill
$2,753
Average Dunn County Tax Bill
$2,914
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Colfax, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54730 | $1,476 | $2,095 | $2,753 | $3,691 | $4,903 |
Source: Ownwell