Salem, Wisconsin Property Taxes
The median property tax rate in Salem, WI is 1.56%, slightly lower than the state median of 1.58% but still considerably higher than the national median of 0.99%. With the median home value in Salem at $247,155, the typical annual property tax bill reaches $3,908, significantly exceeding the national median of $2,690. Property taxes in Salem are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Salem'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 Salem 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
Salem, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.56%
Estimate Property Tax Bill
$3,856
$3,578
Ownwell’s Salem Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Salem with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Salem 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 Salem, Wisconsin
Property taxes in Salem, Wisconsin, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Salem is 1.56%, significantly higher than the U.S. national median of 0.99%. Local government entities within Salem set these rates annually, and they can vary significantly across different neighborhoods. Each year, Salem 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 Salem's effective property tax rate to other areas in Kenosha County and the national median. For comparison, the zip code 53168 has both the highest and lowest median property tax rate of 1.56%. Understanding how these areas compare with Salem provides valuable insights into the varying tax landscape across Kenosha County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Salem Tax Rate
1.56%
Average Kenosha County Tax Rate
2.06%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Salem, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53168 | 1.30% | 1.49% | 1.56% | 1.63% | 1.84% |
Source: Ownwell
Property Tax Assessment Values Across Salem, Wisconsin
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Salem, Wisconsin. The market value represents 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 local appraisal authority 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 Salem, 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. For example, the median home price in Salem is $247,155, with property tax bills ranging significantly. The zip code 53168 has both the highest and lowest median tax bill at $3,908. 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 Salem helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Salem Assessed Value
$247,155
Average Kenosha County Assessed Value
$201,507
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Salem, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53168 | $116,630 | $176,373 | $247,155 | $349,614 | $513,243 |
Source: Ownwell
Property Tax Bills Across Salem, Wisconsin
Property tax bills in Salem, located in Kenosha County, WI, are determined by several key factors. The primary component is the assessed value of a property, which is calculated based on the market value of homes in the area. For instance, with a median home price of $247,155, the tax bill can vary significantly depending on specific property characteristics and local tax rates. In Salem, the tax bill for a property at the 25th percentile is approximately $2,813, while at the 75th percentile, it rises to around $5,405. For those at the 90th percentile, the tax bill can reach up to $7,596. These figures highlight the range of property taxes that homeowners might encounter, emphasizing the influence of property value and local tax rates. Homeowners in Salem should be aware that their property tax bills can impact their overall financial planning. Higher property values typically result in higher tax bills, which can affect monthly mortgage payments and overall housing affordability. Understanding these factors is crucial for homeowners to effectively manage their finances.
Average Salem Tax Bill
$3,908
Average Kenosha County Tax Bill
$4,787
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Salem, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53168 | $1,881 | $2,813 | $3,908 | $5,405 | $7,596 |
Source: Ownwell