Lily, Wisconsin Property Taxes
The median property tax rate in Lily, WI is 1.02%, slightly above the national median of 0.99% but lower than the Wisconsin state median of 1.58%. With a median home value of $99,300 in Lily, the typical annual property tax bill is around $1,017, which is below the national median of $2,690. Property taxes in Lily are calculated based on the assessed value, which is often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Lily'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 Lily 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
Lily, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$1,013
Ownwell’s Lily Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lily with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lily 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 Lily, Wisconsin
Property taxes in Lily, Wisconsin, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lily is 1.02%, higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Lily set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lily 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 Lily's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 54491 zip code has the highest median property tax rate of 1.02%, while the same zip code has the lowest median tax rate of 1.02%. Understanding how these cities compare with Lily provides valuable insights into the varying tax landscape across Forest County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lily Tax Rate
1.02%
Average Forest County Tax Rate
1.07%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lily, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54491 | 0.99% | 0.99% | 1.02% | 1.04% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Lily, Wisconsin
In Lily, 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 Forest 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 Lily, 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. For example, the highest median tax bill in the area is $1,017 in the 54491 zip code. Being aware of these valuation processes in Lily helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lily Assessed Value
$99,300
Average Forest County Assessed Value
$124,600
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lily, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54491 | $59,270 | $64,175 | $99,300 | $137,850 | $148,920 |
Source: Ownwell
Property Tax Bills Across Lily, Wisconsin
In Lily, Forest County, WI, property tax bills are calculated based on the assessed value of the home and the local tax rate. With a median home price of $99,300, homeowners in this area face a property tax rate that can vary significantly. The tax bill for the 25th percentile is $637, while those in the 75th percentile pay about $1,433. At the 90th percentile, the tax bill can reach up to $1,553. These figures are influenced by the assessed value of the property, which is determined by local assessors who evaluate various factors, including the home's size, location, and condition. Compared to the national median property tax rate of 0.99%, Lily's tax bills can be seen as relatively moderate, though they still represent a significant expense for homeowners. Understanding these factors helps homeowners anticipate their annual financial obligations and plan accordingly, ensuring they are well-prepared for their property tax responsibilities.
Average Lily Tax Bill
$1,017
Average Forest County Tax Bill
$1,403
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Lily, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54491 | $584 | $637 | $1,017 | $1,433 | $1,553 |
Source: Ownwell