Medford, Wisconsin Property Taxes
The median property tax rate in Medford, WI is 0.96%, slightly below the national median of 0.99% but significantly lower than the Wisconsin state median of 1.58%. With a median home value of $136,133, the typical annual property tax bill in Medford amounts to $1,268, which is notably less than the national median of $2,690. Property taxes in Medford are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Medford'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 Medford or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Medford, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$1,307
$1,213
Ownwell’s Medford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Medford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Medford 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 Medford, Wisconsin
Property taxes in Medford, Wisconsin, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Medford is 1.35%, significantly higher than both the Wisconsin state median of 1.53% and the U.S. national median of 0.99%. Local government entities within Medford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Medford 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 Medford's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 54451 zip code has the highest median property tax rate of 1.35%, while the same zip code also has the lowest median tax rate of 1.35%. Understanding how these figures compare with Medford provides valuable insights into the varying tax landscape across Taylor County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Medford Tax Rate
0.96%
Average Marathon County Tax Rate
1.64%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Medford, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54451 | 0.85% | 0.92% | 0.96% | 1.02% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Medford, Wisconsin
In Medford, 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 local 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 Medford, 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 Medford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill in the area is 54451, with a tax bill of $1,268. Conversely, the lowest median tax bill is also found in zip code 54451, with the same value of $1,268.
Average Medford Assessed Value
$136,133
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 Medford, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54451 | $39,090 | $68,980 | $136,133 | $206,892 | $270,920 |
Source: Ownwell
Property Tax Bills Across Medford, Wisconsin
In Medford, located in Marathon County, WI, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Medford is $136,133. Homeowners are subject to a property tax rate that is influenced by county, city, and school district levies. The tax bill can vary significantly, with the 25th percentile paying around $696 annually, while those in the 75th percentile see bills around $1,935. For the top 10% of homeowners, tax bills can reach up to $2,650. Several factors contribute to the final tax bill, including the assessed value of the property, local tax rates, and applicable exemptions. Compared to the national median property tax rate of 0.99%, Marathon County’s rates can be considered moderate. Homeowners in Medford benefit from understanding these factors, as it helps them anticipate their annual property tax obligations and manage their finances more effectively. The highest and lowest median tax bills in the area are both $1,268, indicating a consistent tax rate across different properties within the same zip code, 54451.
Average Medford Tax Bill
$1,268
Average Marathon County Tax Bill
$2,706
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Medford, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54451 | $413 | $696 | $1,268 | $1,935 | $2,650 |
Source: Ownwell