Twin Lakes, Wisconsin Property Taxes
The median property tax rate in Twin Lakes, WI is 1.78%, considerably higher than both the national median of 0.99% and the Wisconsin state median of 1.58%. With the median home value in Twin Lakes at $279,450, the typical annual property tax bill reaches $4,729, exceeding the national median of $2,690. Property taxes in Twin Lakes 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 Twin Lakes' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Twin Lakes 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
Twin Lakes, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.78%
Estimate Property Tax Bill
$4,974
$4,616
Ownwell’s Twin Lakes Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Twin Lakes with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Twin Lakes 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 Twin Lakes, Wisconsin
Property taxes in Twin Lakes, Wisconsin, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Twin Lakes is 1.78%, which is significantly higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Twin Lakes set these rates annually, and they can vary significantly across different neighborhoods. Each year, Twin Lakes 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 Twin Lakes' effective property tax rate to other areas in Wisconsin and the national median. For comparison, the zip code 53181 has the same median property tax rate of 1.78%, making it both the highest and lowest in the region. Understanding how these areas compare with Twin Lakes 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 Twin Lakes Tax Rate
1.78%
Average Kenosha County Tax Rate
2.06%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Twin Lakes, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53181 | 1.35% | 1.64% | 1.78% | 1.91% | 1.96% |
Source: Ownwell
Property Tax Assessment Values Across Twin Lakes, Wisconsin
In Twin Lakes, Wisconsin, understanding the difference between "market value" and "assessed value" is essential 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 Assessor 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 Twin Lakes, 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. For instance, the median home price in Twin Lakes is $279,450, with tax bills ranging from $3,619 at the 25th percentile to $10,709 at the 90th percentile. The zip code 53181 has the highest median tax bill at $4,729. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Twin Lakes Assessed Value
$279,450
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 Twin Lakes, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53181 | $152,791 | $203,981 | $279,450 | $382,720 | $613,835 |
Source: Ownwell
Property Tax Bills Across Twin Lakes, Wisconsin
Property tax bills in Twin Lakes, located in Kenosha County, WI, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the local assessor’s office and reflects the property's market value. The tax rate is set by local taxing authorities and is applied to the assessed value to determine the annual tax bill. In Twin Lakes, the median home price is $279,450, with property tax bills varying significantly. The 25th percentile tax bill is $3,619, while the 75th percentile tax bill reaches $6,343. For those in the 90th percentile, tax bills can soar to $10,709. These figures indicate a wide range of potential tax liabilities for homeowners, influenced by factors such as property size, location, and improvements. Compared to the national median property tax rate of 0.99%, Twin Lakes' tax rates can result in higher-than-average tax bills, impacting homeowners' annual financial obligations. Understanding these variables can help residents anticipate and manage their property tax responsibilities effectively.
Average Twin Lakes Tax Bill
$4,729
Average Kenosha County Tax Bill
$4,787
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Twin Lakes, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53181 | $2,762 | $3,619 | $4,729 | $6,343 | $10,709 |
Source: Ownwell