Elmwood, Wisconsin Property Taxes
The median property tax rate in Elmwood, WI is 1.57%, slightly lower than the Wisconsin state median of 1.58% but significantly higher than the national median of 0.99%. With a median home value of $211,400 in Elmwood, the typical annual property tax bill is $3,226, which exceeds the national median of $2,690. Property taxes in Elmwood are calculated based on the tax assessed value, which usually falls below the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Elmwood'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 Elmwood 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
Elmwood, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.57%
Estimate Property Tax Bill
$3,319
Ownwell’s Elmwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elmwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elmwood 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 Elmwood, Wisconsin
Property taxes in Elmwood, Wisconsin, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elmwood is 1.57%, significantly higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Elmwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elmwood 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 Elmwood's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 54740 zip code has the highest median property tax rate of 1.57%, while the same zip code also has the lowest median tax rate of 1.57%. Understanding how these areas compare with Elmwood 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 Elmwood Tax Rate
1.57%
Average Dunn County Tax Rate
1.31%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elmwood, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54740 | 1.23% | 1.39% | 1.57% | 1.63% | 1.72% |
Source: Ownwell
Property Tax Assessment Values Across Elmwood, Wisconsin
In Elmwood, 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 Elmwood, 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 Elmwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Elmwood's highest median tax bill is $3,226 in zip code 54740, while the lowest median tax bill is also $3,226 in the same zip code.
Average Elmwood Assessed Value
$211,400
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 Elmwood, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54740 | $109,060 | $163,200 | $211,400 | $263,900 | $320,480 |
Source: Ownwell
Property Tax Bills Across Elmwood, Wisconsin
In Elmwood, located in Dunn County, WI, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Elmwood is $211,400. Homeowners in this area typically see property tax bills that range significantly. For instance, the tax bill at the 25th percentile is $2,445, while those at the 75th percentile pay around $4,245. At the 90th percentile, the tax bill can go up to $5,247. These tax bills are influenced by several factors, including the assessed value of the property, which is determined by local assessors, and the tax rate set by local taxing authorities. The assessed value reflects the market value of the property, and the tax rate is applied to this value to determine the final tax bill. Higher property values and tax rates result in higher tax bills, impacting homeowners by increasing their annual housing costs. In comparison, the national median property tax rate is 0.99%, making Elmwood's rates relatively higher.
Average Elmwood Tax Bill
$3,226
Average Dunn County Tax Bill
$2,914
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Elmwood, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54740 | $1,502 | $2,445 | $3,226 | $4,245 | $5,247 |
Source: Ownwell