Pence, Iron County, Wisconsin Property Taxes
The median property tax rate in Pence, WI is 1.13%, slightly higher than the national median of 0.99% but lower than the Wisconsin state median of 1.58%. With a median home value of $49,500 in Pence, the typical annual property tax bill is $643, which is significantly below the national median of $2,690. Property taxes in Pence are calculated based on the tax assessed value, often lower than the market value due to exemptions like those for primary residences and agricultural properties. Navigating Pence's property tax system, exploring available exemptions, and finding opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Pence or elsewhere in the city, understanding the local property tax system is beneficial for homeowners and real estate investors alike.
Last Updated June 14, 2024
Pence, Iron County, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.13%
Estimate Property Tax Bill
$559
$519
Ownwell’s Pence Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pence with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pence 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 Pence, Iron County, Wisconsin
Property taxes in Pence, Wisconsin, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Pence is 1.13%, which is significantly higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Pence set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pence 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 Pence's effective property tax rate to other areas in Wisconsin and the national median. For comparison, the zip code 54550 has both the highest and lowest median property tax rate of 1.13%, indicating uniformity within this specific area. Understanding how these cities compare with Pence 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 Pence Tax Rate
1.13%
Average Iron County Tax Rate
1.39%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pence, Iron County, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54550 | 1.01% | 1.03% | 1.13% | 1.23% | 1.51% |
Source: Ownwell
Property Tax Assessment Values Across Pence, Iron County, Wisconsin
In Pence, 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 Pence, 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 Pence is $49,500, with tax bills ranging from $335 at the 25th percentile to $889 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 Pence helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Pence, Iron County, Wisconsin
Source: Ownwell
$36,800
$133,200
$229,600
Average Pence Assessed Value
$49,500
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 Pence, Iron County, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54550 | $3,300 | $18,800 | $49,500 | $72,000 | $86,500 |
Source: Ownwell
Property Tax Bills Across Pence, Iron County, Wisconsin
In Pence, WI, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the Iron County assessor and reflects the market value of the property. The local tax rate is applied to this assessed value to calculate the annual tax bill. Factors such as property improvements, market trends, and neighborhood changes can influence the assessed value, thereby impacting the tax bill. Homeowners in Pence experience varying property tax bills, with the 25th percentile at $335 and the 75th percentile at $805. The 90th percentile of tax bills reaches $889. These figures show a range of tax burdens depending on property values. For comparison, the national median property tax rate is 0.99%. In Pence, homeowners benefit from relatively lower property values, which can result in more manageable tax bills. However, understanding the assessment process and staying informed about local tax rates is crucial for homeowners to anticipate and manage their property tax responsibilities effectively.
Average Pence Tax Bill
$643
Average Iron County Tax Bill
$1,604
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Pence, Iron County, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54550 | $51 | $335 | $643 | $805 | $889 |
Source: Ownwell