Schofield, Wisconsin Property Taxes
The median property tax rate in Schofield, WI is 1.83%, significantly higher than both the national median of 0.99% and the Wisconsin state median of 1.58%. With a median home value of $176,178, the typical annual property tax bill in Schofield reaches $3,225, surpassing the national median of $2,690. Property taxes in Schofield are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Schofield'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 Schofield or another part of Marathon County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Schofield, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.83%
Estimate Property Tax Bill
$3,224
$2,992
Ownwell’s Schofield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Schofield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Schofield 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 Schofield, Wisconsin
Property taxes in Schofield, Wisconsin, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Schofield is 1.83%, significantly higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Schofield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Schofield 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 Schofield's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 54476 zip code has the highest median property tax rate of 1.83%, while the 54476 zip code also has the lowest median tax rate of 1.83%. Understanding how these areas compare with Schofield 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 Schofield Tax Rate
1.83%
Average Marathon County Tax Rate
1.64%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Schofield, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54476 | 1.70% | 1.80% | 1.83% | 1.87% | 1.95% |
Source: Ownwell
Property Tax Assessment Values Across Schofield, Wisconsin
In Schofield, 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 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 Schofield, 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. For instance, the median home price is $176,178, with tax bills ranging from $2,488 at the 25th percentile to $5,952 at the 90th percentile. The highest and lowest median tax bills are both $3,225, found in zip code 54476. By understanding 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 Schofield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Schofield Assessed Value
$176,178
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 Schofield, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54476 | $97,442 | $137,861 | $176,178 | $233,038 | $323,878 |
Source: Ownwell
Property Tax Bills Across Schofield, Wisconsin
In Schofield, 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 Schofield is $176,178. Homeowners in this city experience property tax bills ranging from $2,488 at the 25th percentile to $5,952 at the 90th percentile. The median tax bill is $3,225, which is notably higher than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the assessed value of the property and the specific tax rate set by local taxing authorities. This rate can vary based on the funding needs of local services such as schools, infrastructure, and emergency services. For homeowners, this means that higher property values or increased local tax rates can lead to higher tax bills. Understanding these factors can help homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Schofield Tax Bill
$3,225
Average Marathon County Tax Bill
$2,706
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Schofield, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54476 | $1,721 | $2,488 | $3,225 | $4,255 | $5,952 |
Source: Ownwell