Monticello, Wisconsin Property Taxes
The median property tax rate in Monticello, WI is 1.95%, considerably higher than both the national median of 0.99% and the Wisconsin state median of 1.58%. With the median home value in Monticello at $178,658, the typical annual property tax bill reaches $3,495, exceeding the national median of $2,690. Property taxes in Monticello are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Monticello'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 Monticello 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
Monticello, Wisconsin Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.58%
Estimate Property Tax Bill
$3,160
Ownwell’s Monticello Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monticello with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monticello 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 Monticello, Wisconsin
Property taxes in Monticello, Wisconsin, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monticello is 1.95%, significantly higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Monticello set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monticello 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 Monticello's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 53570 zip code has the highest median property tax rate of 1.95%, while the same zip code also has the lowest median tax rate of 1.95%. Understanding how these cities compare with Monticello provides valuable insights into the varying tax landscape across Green County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monticello Tax Rate
1.95%
Average Green County Tax Rate
1.78%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monticello, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53570 | 1.47% | 1.62% | 1.95% | 2.13% | 2.21% |
Source: Ownwell
Property Tax Assessment Values Across Monticello, Wisconsin
In Monticello, 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 Green 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 Monticello, 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 Monticello helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Monticello is $178,658, with the median tax bill being $3,495 in the 53570 zip code.
Average Monticello Assessed Value
$178,658
Average Green County Assessed Value
$193,272
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monticello, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53570 | $97,979 | $137,181 | $178,658 | $255,238 | $359,001 |
Source: Ownwell
Property Tax Bills Across Monticello, Wisconsin
In Monticello, located in Green 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 Monticello is $178,658. Property taxes are determined by multiplying the assessed value of the property by the local tax rate, which in this region results in a median tax bill of $3,495. Several factors influence the final tax bill, including the property's assessed value, which is determined by local assessors, and any applicable exemptions or deductions. For homeowners in Monticello, tax bills can vary significantly, with the 25th percentile tax bill at $2,604 and the 75th percentile at $4,604. At the higher end, the 90th percentile tax bill reaches $6,049. These property taxes play a crucial role in funding local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Monticello's rates reflect the local government's budgetary needs and priorities, impacting homeowners' annual expenses.
Average Monticello Tax Bill
$3,495
Average Green County Tax Bill
$3,636
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Monticello, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53570 | $1,719 | $2,604 | $3,495 | $4,604 | $6,049 |
Source: Ownwell