Mineral Point, Wisconsin Property Taxes
The median property tax rate in Mineral Point, 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 Mineral Point, the typical annual property tax bill reaches $285, exceeding the national median of $2,690. Property taxes in Mineral Point 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 Mineral Point'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 Mineral Point 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
Mineral Point, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.71%
Estimate Property Tax Bill
$321
Ownwell’s Mineral Point Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mineral Point with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mineral Point 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 Mineral Point, Wisconsin
Property taxes in Mineral Point, Wisconsin, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mineral Point is 1.71%, significantly higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Mineral Point set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mineral Point 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 Mineral Point's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 53565 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 Mineral Point 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 Mineral Point 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 Mineral Point, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53565 | 1.59% | 1.64% | 1.71% | 1.71% | 1.72% |
Source: Ownwell
Property Tax Assessment Values Across Mineral Point, Wisconsin
In Mineral Point, 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. In Mineral Point, 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 Mineral Point helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Mineral Point is $18,796, with tax bills ranging widely from $75 at the 25th percentile to $3,946 at the 90th percentile. The zip code 53565 has both the highest and lowest median tax bill at $285.
Average Mineral Point Assessed Value
$18,796
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 Mineral Point, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53565 | $2,271 | $4,373 | $18,796 | $63,208 | $250,644 |
Source: Ownwell
Property Tax Bills Across Mineral Point, Wisconsin
In Mineral Point, located in Lafayette County, WI, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value represents the taxable value of the property, which differs from the market value. Local tax authorities then apply the tax rate to this assessed value to determine the annual property tax bill. For homeowners in Mineral Point, the median home price stands at $18,796, leading to varying tax bills across different percentiles. At the 25th percentile, tax bills are around $75, while at the 75th percentile, they rise to approximately $1,272. For those in the 90th percentile, tax bills can reach up to $3,946. The highest and lowest median tax bills in the area both stand at $285, reflecting the variability within the region. Compared to the national median property tax rate of 0.99%, Mineral Point's property taxes can significantly impact homeowners, depending on their property's assessed value and location within the city.
Average Mineral Point Tax Bill
$285
Average Lafayette County Tax Bill
$291
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Mineral Point, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53565 | $39 | $75 | $285 | $1,272 | $3,946 |
Source: Ownwell