Three Lakes, Wisconsin Property Taxes
The median property tax rate in Three Lakes, WI is 0.88%, which is notably lower than both the national median of 0.99% and Wisconsin's state median of 1.58%. With a median home value of $343,100 in Three Lakes, the typical annual property tax bill amounts to $3,374, surpassing the national median of $2,690. Property taxes in Three Lakes are determined based on the assessed value, which is usually lower than the market value due to various exemptions such as the primary residence and agricultural exemptions. Grasping the intricacies of Three Lakes' property tax system, exploring available exemptions, and uncovering opportunities for reductions can yield substantial annual savings. Whether you reside in the heart of Three Lakes or another part of the city, understanding the local property tax system proves advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Three Lakes, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$3,019
$2,802
Ownwell’s Three Lakes Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Three Lakes with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Three Lakes 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 Three Lakes, Wisconsin
Property taxes in Three Lakes, Wisconsin, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Three Lakes is 0.88%, which is lower than the U.S. national median of 0.99%. Local government entities within Three Lakes set these rates annually, and they can vary significantly across different neighborhoods. Each year, Three Lakes 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 Three Lakes' effective property tax rate to other areas in Wisconsin and the national median. For comparison, the zip code 54562 has both the highest and lowest median property tax rate of 0.88%. Understanding how these areas compare with Three Lakes 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 Three Lakes Tax Rate
0.88%
Average Forest County Tax Rate
1.07%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Three Lakes, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54562 | 0.86% | 0.88% | 0.88% | 1.07% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Three Lakes, Wisconsin
In THREE LAKES, 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 Assessor 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 THREE LAKES, 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 THREE LAKES helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $3,374 in zip code 54562, while the lowest median tax bill is also $3,374 in the same zip code.
Average Three Lakes Assessed Value
$343,100
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 Three Lakes, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54562 | $133,220 | $228,850 | $343,100 | $451,850 | $580,020 |
Source: Ownwell
Property Tax Bills Across Three Lakes, Wisconsin
In Three Lakes, located in Forest County, WI, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local assessor's office, which evaluates the property's market value. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual tax bill. For example, with a median home price of $343,100, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is around $2,134, while at the 75th percentile, it rises to approximately $4,506. For those in the 90th percentile, the tax bill can reach up to $5,652. These figures highlight the range of property tax obligations homeowners may face, depending on their property's assessed value. Compared to the national median property tax rate of 0.99%, homeowners in Three Lakes may experience different financial impacts, influencing their overall housing affordability and budgeting.
Average Three Lakes Tax Bill
$3,374
Average Forest County Tax Bill
$1,403
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Three Lakes, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54562 | $1,148 | $2,134 | $3,374 | $4,506 | $5,652 |
Source: Ownwell