Colby, Wisconsin Property Taxes
The median property tax rate in Colby, WI is 1.24%, slightly higher than the national median of 0.99% but lower than the Wisconsin state median of 1.58%. With the median home value in Colby at $116,663, the typical annual property tax bill amounts to $1,502, which is below the national median of $2,690. Property taxes in Colby are calculated based on the assessed value, which is often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Colby'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 Colby or elsewhere in Marathon County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Colby, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.24%
Estimate Property Tax Bill
$1,447
Ownwell’s Colby Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Colby with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Colby 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 Colby, Wisconsin
Property taxes in Colby, Wisconsin, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Colby is 1.24%, higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Colby set these rates annually, and they can vary significantly across different neighborhoods. Each year, Colby 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 Colby's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 54421 zip code has the highest median property tax rate of 1.24%, while the same zip code also has the lowest median tax rate of 1.24%. Understanding how these cities compare with Colby provides valuable insights into the varying tax landscape across Marathon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Colby Tax Rate
1.24%
Average Marathon County Tax Rate
1.64%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Colby, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54421 | 1.06% | 1.12% | 1.24% | 1.58% | 1.77% |
Source: Ownwell
Property Tax Assessment Values Across Colby, Wisconsin
In Colby, 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 Marathon County Assessor 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 Colby, 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. The median home price in Colby is $116,663, with tax bills ranging from $907 at the 25th percentile to $2,988 at the 90th percentile. The highest and lowest median tax bill both stand at $1,502 in the 54421 zip code. 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 Colby helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Colby Assessed Value
$116,663
Average Marathon County Assessed Value
$164,200
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Colby, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54421 | $11,374 | $66,410 | $116,663 | $171,135 | $232,134 |
Source: Ownwell
Property Tax Bills Across Colby, Wisconsin
In Colby, Marathon County, WI, property tax bills are calculated based on the assessed value of the property and the local tax rate. The tax rate is applied to the assessed value to determine the annual tax bill. For example, with a median home price of $116,663, homeowners can expect their tax bill to vary significantly. At the 25th percentile, tax bills are around $907, while at the 75th percentile, they reach approximately $2,172, and at the 90th percentile, they can go up to $2,988. Several factors influence these tax bills, including property size, location, and improvements made to the property. The assessed value is periodically updated to reflect market conditions, ensuring that tax contributions are fair and equitable. This system ensures that homeowners contribute proportionally to local services and infrastructure, but it also means that fluctuations in property values can significantly impact annual tax obligations. Compared to the national median property tax rate of 0.99%, Colby's tax rates reflect the local economic environment and funding needs.
Average Colby Tax Bill
$1,502
Average Marathon County Tax Bill
$2,706
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Colby, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54421 | $190 | $907 | $1,502 | $2,172 | $2,988 |
Source: Ownwell