Silver Lake, Wisconsin Property Taxes
The median property tax rate in Silver Lake, WI is 1.56%, slightly lower than the Wisconsin state median of 1.58% but considerably higher than the national median of 0.99%. With the median home value in Silver Lake at $223,808, the typical annual property tax bill reaches $3,631, exceeding the national median of $2,690. Property taxes in Silver Lake 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 Silver Lake'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 Silver Lake 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
Silver Lake, 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 Silver Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Silver Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Silver Lake 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 Silver Lake, Wisconsin
Property taxes in Silver Lake, Wisconsin, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Silver Lake is 1.56%, significantly higher than the U.S. national median of 0.99%. Local government entities within Silver Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Silver Lake 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 Silver Lake's effective property tax rate to other areas in Wisconsin and the national median. For comparison, the zip code 53170 has the highest median property tax rate of 1.56%, while the same zip code also has the lowest median tax rate of 1.56%. Understanding how these areas compare with Silver Lake 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 Silver Lake 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 Silver Lake, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53170 | 1.56% | 1.56% | 1.56% | 1.67% | 1.86% |
Source: Ownwell
Property Tax Assessment Values Across Silver Lake, Wisconsin
In Silver Lake, 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 Kenosha 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 Silver Lake, 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 Silver Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Silver Lake are both $3,631, found in the 53170 zip code.
Average Silver Lake Assessed Value
$223,808
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 Silver Lake, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53170 | $130,850 | $171,747 | $223,808 | $281,103 | $346,854 |
Source: Ownwell
Property Tax Bills Across Silver Lake, Wisconsin
In Silver Lake, WI, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the estimated market value of the property. Homeowners in Silver Lake can expect a median home price of $223,808. The tax rate is applied to this assessed value to calculate the annual tax bill. For example, tax bills in Silver Lake range from $2,891 at the 25th percentile to $5,567 at the 90th percentile, with the median tax bill being $3,631. This is higher than the national median property tax rate of 0.99%, indicating a comparatively higher tax burden on homeowners in the area. Factors such as home improvements, changes in market conditions, and local government budgets can influence the assessed value and, consequently, the tax bill. Understanding these elements is crucial for homeowners, as property taxes significantly impact monthly housing costs and long-term financial planning.
Average Silver Lake Tax Bill
$3,631
Average Kenosha County Tax Bill
$4,787
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Silver Lake, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53170 | $2,193 | $2,891 | $3,631 | $4,577 | $5,567 |
Source: Ownwell