Spencer, Wisconsin Property Taxes
The median property tax rate in Spencer, WI is 1.59%, slightly higher than both the national median of 0.99% and the Wisconsin state median of 1.58%. With the median home value in Spencer at $141,707, the typical annual property tax bill reaches $2,245, which is below the national median of $2,690. Property taxes in Spencer 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 Spencer'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 Spencer 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
Spencer, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.59%
Estimate Property Tax Bill
$2,253
Ownwell’s Spencer Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spencer with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spencer 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 Spencer, Wisconsin
Property taxes in Spencer, Wisconsin, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spencer is 1.59%, significantly higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Spencer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spencer 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 Spencer's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 54479 zip code has the highest median property tax rate of 1.59%, while the same 54479 zip code also has the lowest median tax rate of 1.59%. Understanding how these cities compare with Spencer 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 Spencer Tax Rate
1.59%
Average Marathon County Tax Rate
1.64%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spencer, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54479 | 1.31% | 1.36% | 1.59% | 1.68% | 1.83% |
Source: Ownwell
Property Tax Assessment Values Across Spencer, Wisconsin
In Spencer, 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 Spencer, 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 Spencer helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Spencer, the highest and lowest median tax bills are both $2,245, found in the 54479 zip code. The 25th percentile tax bill is $1,546, while the 75th percentile tax bill is $3,090.
Average Spencer Assessed Value
$141,707
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 Spencer, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54479 | $12,508 | $99,746 | $141,707 | $199,112 | $265,113 |
Source: Ownwell
Property Tax Bills Across Spencer, Wisconsin
In Spencer, WI, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Spencer is $141,707. The tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including the property's condition, location, and market trends. Homeowners in Spencer can expect tax bills to vary significantly; for instance, the 25th percentile tax bill is $1,546, while the 75th percentile tax bill reaches $3,090, and the 90th percentile tax bill is $3,854. Compared to the national median property tax rate of 0.99%, Spencer's property tax bills can be relatively high, reflecting the local tax rate and property values. This variation in tax bills affects homeowners differently, with higher tax burdens potentially impacting those with properties in higher value brackets more significantly. Understanding these factors is essential for homeowners as they plan for annual expenses and consider the long-term financial implications of property ownership in Spencer.
Average Spencer Tax Bill
$2,245
Average Marathon County Tax Bill
$2,706
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Spencer, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54479 | $224 | $1,546 | $2,245 | $3,090 | $3,854 |
Source: Ownwell