Butternut, Wisconsin Property Taxes
The median property tax rate in Butternut, WI is 1.39%, higher than both the national median of 0.99% and the Wisconsin state median of 1.58%. With the median home value in Butternut at $203,800, the typical annual property tax bill reaches $2,880, exceeding the national median of $2,690. Property taxes in Butternut 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 Butternut'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 Butternut 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
Butternut, 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 Butternut Property Tax Bill Calculator assists homeowners, real estate investors, or potential buyers in estimating their annual property taxes in Butternut with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Butternut 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 Butternut, Wisconsin
Property taxes in Butternut, WI, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Butternut is 1.39%, significantly higher than the U.S. national median of 0.99%. Local government entities within Butternut set these rates annually, and they can vary significantly across different neighborhoods. Each year, Butternut 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 Butternut's effective property tax rate to other areas in Iron County and the national median. For comparison, the zip code 54514 has the highest median property tax rate of 1.39%, while the same zip code also represents the lowest median tax rate of 1.39%. Understanding how these rates compare with Butternut provides valuable insights into the varying tax landscape across Iron County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Butternut Tax Rate
1.39%
Average Iron County Tax Rate
1.39%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Butternut, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54514 | 1.39% | 1.39% | 1.39% | 1.39% | 1.39% |
Source: Ownwell
Property Tax Assessment Values Across Butternut, Wisconsin
In Butternut, 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 Iron 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 Butternut, 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 Butternut helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $2,880, found in the 54514 zip code.
Average Butternut Assessed Value
$203,800
Average Iron County Assessed Value
$97,500
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Butternut, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54514 | $58,300 | $119,450 | $203,800 | $316,450 | $408,800 |
Source: Ownwell
Property Tax Bills Across Butternut, Wisconsin
In Butternut, located in Iron 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 Butternut is $203,800. Homeowners can expect their property tax bill to vary significantly, with the 25th percentile tax bill at $1,656 and the 75th percentile tax bill reaching $4,385. For those at the 90th percentile, the tax bill can go as high as $5,876. These tax bills are determined by the local government, which assesses the value of properties annually. This assessed value is then multiplied by the local tax rate to calculate the final tax bill. Factors such as property improvements, market conditions, and local budget requirements can influence the assessed value and, consequently, the tax bill. Homeowners in Butternut may find their property tax bills higher or lower than the national median property tax rate of 0.99%, depending on these factors. Understanding how these elements interplay can help residents better anticipate and manage their property tax obligations.
Average Butternut Tax Bill
$2,880
Average Iron County Tax Bill
$1,604
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Butternut, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54514 | $816 | $1,656 | $2,880 | $4,385 | $5,876 |
Source: Ownwell