Nelma, Wisconsin Property Taxes
The median property tax rate in Nelma, WI is 0.94%, slightly below the national median of 0.99% and significantly lower than the Wisconsin state median of 1.58%. With the median home value in Nelma at $178,350, the typical annual property tax bill amounts to $1,664, which is less than the national median of $2,690. Property taxes in Nelma are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Nelma'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 Nelma 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
Nelma, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$1,676
$1,556
Ownwell’s NELMA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in NELMA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in NELMA 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 Nelma, Wisconsin
Property taxes in Nelma, Wisconsin, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Nelma is 0.94%, slightly below the U.S. national median of 0.99%. Local government entities within Nelma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nelma 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 Nelma's effective property tax rate to other areas in Forest County and the national median. For comparison, the zip code 54542 has the highest median property tax rate of 0.94%, while the lowest median tax rate is also 0.94%. Understanding how these areas compare with Nelma 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 Nelma Tax Rate
0.94%
Average Forest County Tax Rate
1.07%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nelma, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54542 | 0.92% | 0.93% | 0.94% | 0.94% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Nelma, Wisconsin
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Nelma, Wisconsin. 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 Nelma, 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. The median home price in Nelma stands at $178,350, with tax bills ranging from $1,385 at the 25th percentile to $2,219 at the 90th percentile. The highest and lowest median tax bills in the area are both $1,664, found in the zip code 54542. By understanding these valuation processes, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to manage the tax burden effectively.
Average Nelma Assessed Value
$178,350
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 Nelma, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54542 | $140,540 | $150,800 | $178,350 | $213,025 | $236,110 |
Source: Ownwell
Property Tax Bills Across Nelma, Wisconsin
In Nelma, located in Forest County, WI, property tax bills are calculated based on the assessed value of a home. The median home price in Nelma is $178,350, and the property tax rate is applied to this assessed value to determine the tax bill. Several factors influence this calculation, including the property's location, size, and market conditions. For instance, tax bills in Nelma can vary significantly, with the 25th percentile at $1,385 and the 75th percentile reaching $2,013. The 90th percentile tax bill is even higher, at $2,219. Homeowners in Nelma should be aware that their property tax bill can fluctuate based on changes in the assessed value of their home and any adjustments in the local tax rate. Compared to the national median property tax rate of 0.99%, Nelma's rates can result in varying financial impacts for homeowners. Understanding these factors can help homeowners better anticipate their annual property tax obligations and manage their finances accordingly.
Average Nelma Tax Bill
$1,664
Average Forest County Tax Bill
$1,403
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Nelma, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54542 | $1,303 | $1,385 | $1,664 | $2,013 | $2,219 |
Source: Ownwell