Gratiot, Lafayette County, Wisconsin Property Taxes
The median property tax rate in Gratiot, WI is 1.71%, considerably higher than both the national median of 0.99% and the Wisconsin state median of 1.58%. With the median home value in Gratiot, the typical annual property tax bill reaches $208, which is significantly lower than the national median of $2,690. Property taxes in Gratiot are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Gratiot'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 Gratiot or another part of Lafayette County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gratiot, Lafayette County, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.71%
Estimate Property Tax Bill
$195
$181
Ownwell’s Gratiot Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Gratiot with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gratiot to provide an accurate estimate of your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities, ensuring you can plan your finances effectively. For those interested in more detailed trends at the neighborhood level, further localized information is available below. Your property’s assessed value, determined by Lafayette County, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Gratiot, Lafayette County, Wisconsin
Property taxes in Gratiot, Wisconsin, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gratiot is 1.71%, significantly higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Gratiot set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gratiot 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 Gratiot's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 53541 zip code has the highest median property tax rate of 1.71%, while the same zip code also has the lowest median tax rate of 1.71%. Understanding how these cities compare with Gratiot 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 Gratiot Tax Rate
1.71%
Average Lafayette County Tax Rate
1.84%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gratiot, Lafayette County, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53541 | 1.53% | 1.70% | 1.71% | 2.03% | 2.03% |
Source: Ownwell
Property Tax Assessment Values Across Gratiot, Lafayette County, Wisconsin
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Gratiot, Lafayette County, 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 local assessment authorities 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 Gratiot, 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 Gratiot helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $208.00, found in the 53541 zip code.
Property Tax Assessment Values Across Gratiot, Lafayette County, Wisconsin
Source: Ownwell
$8,848
$18,545
$28,242
Average Gratiot Assessed Value
$11,402
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 Gratiot, Lafayette County, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53541 | $2,409 | $4,603 | $11,402 | $46,676 | $109,266 |
Source: Ownwell
Property Tax Bills Across Gratiot, Lafayette County, Wisconsin
In Gratiot, Lafayette County, 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 county assessors who evaluate the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Homeowners in Gratiot experience a range of property tax bills. For instance, the 25th percentile tax bill is $90, while the 75th percentile tax bill reaches $799, and the 90th percentile tax bill can be as high as $1715. These figures highlight the variability in tax burdens, influenced by factors such as property value and local tax rates. The median home price in Gratiot is $11,402, which is significantly lower than national averages, affecting the overall tax bills. This system ensures that property taxes are proportionate to the value of the property, allowing for equitable distribution of the tax burden among homeowners.
Average Gratiot Tax Bill
$208
Average Lafayette County Tax Bill
$291
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Gratiot, Lafayette County, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53541 | $41 | $90 | $208 | $799 | $1,715 |
Source: Ownwell