Two Rivers, Wisconsin Property Taxes
The median property tax rate in Two Rivers, WI is 1.65%, considerably higher than both the national median of 0.99% and the Wisconsin state median of 1.58%. With the median home value in Two Rivers at $116,650, the typical annual property tax bill reaches $1,866, which is below the national median of $2,690. Property taxes in Two Rivers 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 Two Rivers' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Two Rivers 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
Two Rivers, Wisconsin Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.58%
Estimate Property Tax Bill
$3,160
Ownwell’s Two Rivers Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Two Rivers with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Two Rivers 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 Two Rivers, Wisconsin
Property taxes in Two Rivers, Wisconsin, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Two Rivers is 1.65%, significantly higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Two Rivers set these rates annually, and they can vary significantly across different neighborhoods. Each year, Two Rivers 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 Two Rivers' effective property tax rate to other counties in Wisconsin and the national median. For comparison, the zip code 54241 has the highest median property tax rate of 1.65%, while the same zip code also has the lowest median tax rate of 1.65%. Understanding how these areas compare with Two Rivers provides valuable insights into the varying tax landscape across Manitowoc County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Two Rivers Tax Rate
1.65%
Average Manitowoc County Tax Rate
1.49%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Two Rivers, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54241 | 1.09% | 1.40% | 1.65% | 1.75% | 1.81% |
Source: Ownwell
Property Tax Assessment Values Across Two Rivers, Wisconsin
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Two Rivers, WI. 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 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 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 Two Rivers helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 54241 has the highest and lowest median tax bill, both at $1,866, highlighting the uniformity in tax assessments within the region.
Average Two Rivers Assessed Value
$116,650
Average Manitowoc County Assessed Value
$151,900
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Two Rivers, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54241 | $66,610 | $85,700 | $116,650 | $170,657 | $240,786 |
Source: Ownwell
Property Tax Bills Across Two Rivers, Wisconsin
In Two Rivers, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by the Manitowoc County Assessor's office, which evaluates properties to establish their market value. This assessed value is then multiplied by the local property tax rate to calculate the annual tax bill. For example, with the median home price in Two Rivers at $116,650, homeowners can expect different tax bills depending on their property's assessed value and specific tax rate. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. The tax bill can vary significantly, with the 25th percentile at $1,395 and the 75th percentile at $2,592. Homeowners at the 90th percentile might see tax bills as high as $3,596. This variation can impact homeowners' financial planning and affordability. Compared to the national median property tax rate of 0.99%, residents in Two Rivers may find their tax rates relatively comparable, affecting their overall cost of living.
Average Two Rivers Tax Bill
$1,866
Average Manitowoc County Tax Bill
$2,169
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Two Rivers, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54241 | $1,037 | $1,395 | $1,866 | $2,592 | $3,596 |
Source: Ownwell