Manitowish Waters, Wisconsin Property Taxes
The median property tax rate in Manitowish Waters, WI is 1.39%, which is considerably higher than the national median of 0.99% but lower than the Wisconsin state median of 1.58%. With the median home value in Manitowish Waters at $140,550, the typical annual property tax bill reaches $1,947, lower than the national median of $2,690. Property taxes in Manitowish Waters are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Manitowish Waters' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Manitowish Waters 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
Manitowish Waters, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.39%
Estimate Property Tax Bill
$1,954
$1,813
Ownwell’s MANITOWISH WATERS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MANITOWISH WATERS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MANITOWISH WATERS 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 Manitowish Waters, Wisconsin
Property taxes in Manitowish Waters, Wisconsin, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Manitowish Waters is 1.39%, significantly higher than the U.S. national median of 0.99%. Local government entities within Manitowish Waters set these rates annually, and they can vary across different neighborhoods. Each year, Manitowish Waters 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 Manitowish Waters' effective property tax rate to other counties in Wisconsin and the national median. For comparison, the zip code 54545 has the highest median property tax rate of 1.39%, while the same zip code also has the lowest median tax rate of 1.39%. Understanding how these rates compare with Manitowish Waters 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 Manitowish Waters 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 Manitowish Waters, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54545 | 1.39% | 1.39% | 1.39% | 1.39% | 1.39% |
Source: Ownwell
Property Tax Assessment Values Across Manitowish Waters, Wisconsin
In Manitowish Waters, 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 Manitowish Waters, 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 Manitowish Waters helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 54545, both at $1,947.
Property Tax Assessment Values Across Manitowish Waters, Wisconsin
Source: Ownwell
$36,800
$133,200
$229,600
Average Manitowish Waters Assessed Value
$140,550
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 Manitowish Waters, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54545 | $94,250 | $121,250 | $140,550 | $161,275 | $270,650 |
Source: Ownwell
Property Tax Bills Across Manitowish Waters, Wisconsin
In Manitowish Waters, located in Iron County, WI, property tax bills are calculated based on several key factors. The assessed value of a property forms the foundation of the tax bill. This value is determined by local assessors who evaluate the market value of the property. The property tax rate is then applied to this assessed value to determine the annual tax bill. In Manitowish Waters, the tax bills can vary significantly. For instance, the 25th percentile tax bill is around $1,680, while those at the 75th percentile pay approximately $2,235. Homeowners in the 90th percentile face even higher bills, reaching up to $3,750. With the national median property tax rate at 0.99%, these figures highlight the substantial impact property taxes can have on homeowners in this area. Understanding these factors can help homeowners anticipate their tax liabilities and better manage their finances. Knowing the assessed value and the applicable tax rate is crucial for accurate financial planning and ensuring compliance with local tax obligations.
Average Manitowish Waters Tax Bill
$1,947
Average Iron County Tax Bill
$1,604
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Manitowish Waters, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54545 | $1,306 | $1,680 | $1,947 | $2,235 | $3,750 |
Source: Ownwell