Belmont, Wisconsin Property Taxes
The median property tax rate in Belmont, WI is 1.68%, considerably higher than both the national median of 0.99% and the Wisconsin state median of 1.58%. With the median home value in Belmont, the typical annual property tax bill reaches $281, which is significantly lower than the national median of $2,690. Property taxes in Belmont 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 Belmont'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 Belmont 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
Belmont, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.68%
Estimate Property Tax Bill
$270
Ownwell’s Belmont Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Belmont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Belmont 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 Belmont, Wisconsin
Property taxes in Belmont, Wisconsin, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Belmont is 1.68%, significantly higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Belmont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Belmont 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 Belmont's effective property tax rate to other areas in Wisconsin and the national median. For comparison, the zip code 53510 has both the highest and lowest median property tax rate of 1.68%. Understanding how these areas compare with Belmont provides valuable insights into the varying tax landscape across Lafayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Belmont Tax Rate
1.68%
Average Lafayette County Tax Rate
1.84%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Belmont, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53510 | 1.58% | 1.65% | 1.68% | 1.68% | 1.68% |
Source: Ownwell
Property Tax Assessment Values Across Belmont, Wisconsin
In Belmont, 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 Lafayette 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. Assessment notices in Belmont 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Belmont, the median home price is $16,085. The 25th percentile tax bill is $162, while the 75th percentile tax bill is $2044, and the 90th percentile tax bill is $4063. The highest and lowest median tax bills are both $281 in the 53510 zip code.
Average Belmont Assessed Value
$16,085
Average Lafayette County Assessed Value
$15,150
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Belmont, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53510 | $2,286 | $7,984 | $16,085 | $122,706 | $247,170 |
Source: Ownwell
Property Tax Bills Across Belmont, Wisconsin
Property tax bills in Belmont, Lafayette County, WI, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by a local assessor who evaluates the property's market value. Once the assessment is completed, the tax rate is applied to calculate the annual tax bill. In Belmont, the median home price is $16,085, which results in varying tax bills depending on the property's assessed value and specific tax rate. Homeowners in Belmont can expect their property tax bills to fall within a broad range. For instance, the 25th percentile tax bill is $162, while the 75th percentile tax bill reaches $2,044. At the 90th percentile, the tax bill can be as high as $4,063. These variations highlight how different factors, such as property location and market conditions, influence tax obligations. Comparatively, the national median property tax rate is 0.99%, making Belmont's tax rates competitive and potentially lower than the national average, which can be a financial advantage for homeowners.
Average Belmont Tax Bill
$281
Average Lafayette County Tax Bill
$291
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Belmont, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53510 | $40 | $162 | $281 | $2,044 | $4,063 |
Source: Ownwell