Potosi, Wisconsin Property Taxes
The median property tax rate in Potosi, WI is 1.58%, exactly matching the state median but significantly higher than the national median of 0.99%. With the median home value in Potosi at $180,800, the typical annual property tax bill reaches $2,581, which is just below the national median of $2,690. Property taxes in Potosi are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Potosi'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 Potosi 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
Potosi, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.58%
Estimate Property Tax Bill
$2,857
$2,651
Ownwell’s Potosi Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Potosi with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Potosi 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 Potosi, Wisconsin
Property taxes in Potosi, Wisconsin, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Potosi is 1.58%, significantly higher than both the Wisconsin state median of 1.53% and the U.S. national median of 0.99%. Local government entities within Potosi set these rates annually, and they can vary significantly across different neighborhoods. Each year, Potosi 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 Potosi's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 53820 zip code has the highest median property tax rate of 1.58%, while the same zip code also has the lowest median tax rate of 1.58%. Understanding how these cities compare with Potosi provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Potosi Tax Rate
1.58%
Average Grant County Tax Rate
1.49%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Potosi, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53820 | 1.14% | 1.45% | 1.58% | 1.67% | 1.76% |
Source: Ownwell
Property Tax Assessment Values Across Potosi, Wisconsin
In Potosi, 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 Grant 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 Potosi, 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 Potosi is $180,800, with tax bills ranging from $1,265 at the 25th percentile to $6,248 at the 90th percentile. 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 Potosi helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Potosi Assessed Value
$180,800
Average Grant County Assessed Value
$141,950
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Potosi, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53820 | $37,580 | $90,600 | $180,800 | $285,300 | $381,320 |
Source: Ownwell
Property Tax Bills Across Potosi, Wisconsin
In Potosi, located in Grant County, WI, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the local assessor's office and reflects the property's market value. The tax rate is set by local taxing authorities, including the county, school districts, and other special districts. For homeowners in Potosi, the median home price is $180,800. Property tax bills can vary significantly, with the 25th percentile tax bill at $1,265 and the 75th percentile reaching up to $4,498. At the higher end, the 90th percentile tax bill is $6,248. Comparatively, the national median property tax rate is 0.99%, which means that Potosi's property tax rates can be relatively high depending on the assessed value and specific location within the city. These property tax bills directly impact homeowners by contributing to local services such as schools, public safety, and infrastructure. Understanding how these factors interplay helps homeowners anticipate their annual tax obligations and manage their finances accordingly.
Average Potosi Tax Bill
$2,581
Average Grant County Tax Bill
$2,159
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Potosi, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53820 | $576 | $1,265 | $2,581 | $4,498 | $6,248 |
Source: Ownwell