Irma, Wisconsin Property Taxes
The median property tax rate in Irma, WI is 0.98%, slightly below the national median of 0.99% and significantly lower than the Wisconsin state median of 1.58%. With a median home value of $183,500 in Irma, the typical annual property tax bill amounts to $1,853, which is less than the national median of $2,690. Property taxes in Irma are calculated based on the assessed value, which is often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Irma'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 Irma 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
Irma, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$1,798
$1,669
Ownwell’s IRMA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in IRMA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in IRMA 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 Irma, Wisconsin
Property taxes in Irma, Wisconsin, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Irma is 0.98%, which is slightly below the U.S. national median of 0.99%. Local government entities within Irma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Irma 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 Irma's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 54442 zip code has the highest median property tax rate of 0.98%, while the same zip code also has the lowest median tax rate of 0.98%. Understanding how these cities compare with Irma provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Irma Tax Rate
0.98%
Average Lincoln County Tax Rate
1.15%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Irma, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54442 | 0.80% | 0.91% | 0.98% | 1.08% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Irma, Wisconsin
In Irma, 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 Lincoln 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 Irma, 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 Irma helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with the highest median tax bill is 54442, amounting to $1,853, while the lowest median tax bill is also $1,853 in the same zip code.
Average Irma Assessed Value
$183,500
Average Lincoln County Assessed Value
$156,400
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Irma, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54442 | $85,350 | $127,075 | $183,500 | $244,000 | $312,350 |
Source: Ownwell
Property Tax Bills Across Irma, Wisconsin
In Irma, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to calculate the annual tax bill. Various factors influence the assessed value, including the property's location, size, and condition. Homeowners in Irma can expect property tax bills that vary widely, with the 25th percentile at $1,181 and the 75th percentile at $2,587, reflecting the range of property values in the area. Compared to the national median property tax rate of 0.99%, Irma's property taxes can significantly impact homeowners. For instance, with a median home price of $183,500, the tax burden can be substantial, especially at the 90th percentile where tax bills reach up to $3,499. Such variations underscore the importance of understanding local property tax assessments and their implications on homeownership costs in Irma.
Average Irma Tax Bill
$1,853
Average Lincoln County Tax Bill
$2,035
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Irma, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54442 | $756 | $1,181 | $1,853 | $2,587 | $3,499 |
Source: Ownwell