Mercer, Wisconsin Property Taxes
The median property tax rate in Mercer, WI is 1.39%, considerably higher than both the national median of 0.99% and the Wisconsin state median of 1.58%. With the median home value in Mercer, the typical annual property tax bill reaches $2,459, slightly below the national median of $2,690. Property taxes in Mercer 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 Mercer'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 Mercer 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
Mercer, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.39%
Estimate Property Tax Bill
$2,407
Ownwell’s Mercer Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Mercer with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mercer 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 Mercer, Wisconsin
Property taxes in Mercer, Wisconsin, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mercer is 1.39%, significantly higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Mercer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mercer 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 Mercer's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the zip code 54547 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 cities compare with Mercer 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 Mercer 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 Mercer, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54547 | 1.39% | 1.39% | 1.39% | 1.39% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Mercer, Wisconsin
In Mercer, 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 Mercer, 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. The median home price in Mercer is $173,200, with tax bills ranging significantly. For example, the 25th percentile tax bill is $1,508, while the 75th percentile reaches $3,683, and the 90th percentile can go up to $5,080. The highest and lowest median tax bill in Mercer is $2,459 in the 54547 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mercer Assessed Value
$173,200
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 Mercer, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54547 | $63,800 | $103,900 | $173,200 | $256,825 | $354,940 |
Source: Ownwell
Property Tax Bills Across Mercer, Wisconsin
In Mercer, WI, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the market value of the property. Once the assessed value is established, the local tax rate, or mill rate, is applied to calculate the annual property tax bill. Factors influencing the tax bill include the property's location, size, and condition, as well as local government budgets and school district funding needs. For example, in Iron County, the median home price is $173,200. Homeowners in the 25th percentile pay around $1,508 annually, while those in the 75th percentile face bills of approximately $3,683. At the 90th percentile, tax bills can reach up to $5,080. These property taxes fund essential services like public schools, infrastructure, and emergency services. For homeowners, understanding how these factors influence their tax bills can help in budgeting and financial planning. Comparing this to the national median property tax rate of 0.99%, Mercer's rates reflect the local economic conditions and public service needs.
Average Mercer Tax Bill
$2,459
Average Iron County Tax Bill
$1,604
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Mercer, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54547 | $919 | $1,508 | $2,459 | $3,683 | $5,080 |
Source: Ownwell