Fox Point, Wisconsin Property Taxes
The median property tax rate in Fox Point, WI is 2.22%, significantly higher than both the national median of 0.99% and the Wisconsin state median of 1.58%. With the median home value in Fox Point at $318,625, the typical annual property tax bill reaches $7,754, far exceeding the national median of $2,690. Property taxes in Fox Point 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 Fox Point'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 Fox Point 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
Fox Point, 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 Fox Point Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fox Point with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fox Point 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 Milwaukee County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Fox Point, Wisconsin
Property taxes in Fox Point, Wisconsin, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fox Point is 2.22%, significantly higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Fox Point set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fox Point 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 Fox Point's effective property tax rate to other areas in Milwaukee County and the national median. For comparison, the 53217 zip code has the highest median property tax rate of 2.22%, while the same zip code also has the lowest median tax rate of 2.22%. Understanding how these cities compare with Fox Point provides valuable insights into the varying tax landscape across Milwaukee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fox Point Tax Rate
2.22%
Average Milwaukee County Tax Rate
2.38%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fox Point, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53217 | 2.17% | 2.19% | 2.22% | 2.23% | 2.24% |
Source: Ownwell
Property Tax Assessment Values Across Fox Point, Wisconsin
In Fox Point, 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 Milwaukee 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 Fox Point, 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 Fox Point helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In the area, the median home price is $318,625. The tax bills range significantly, with the 25th percentile at $2,205 and the 75th percentile at $10,166. The zip code 53217 has the highest and lowest median tax bill, both at $7,754.
Average Fox Point Assessed Value
$318,625
Average Milwaukee County Assessed Value
$184,600
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fox Point, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53217 | $30,074 | $151,333 | $318,625 | $458,392 | $680,625 |
Source: Ownwell
Property Tax Bills Across Fox Point, Wisconsin
In Fox Point, WI, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the Milwaukee County Assessor's Office, which reviews various factors such as the property's size, location, and condition. The local tax rate is applied to this assessed value to determine the annual property tax bill. For homeowners in Fox Point, the median home price is $318,625. Tax bills can vary significantly, with the 25th percentile tax bill at $2,205 and the 75th percentile tax bill reaching $10,166. At the higher end, the 90th percentile tax bill can be as much as $16,194. The highest median tax bill in the area is $7,754, found in the 53217 zip code. These property tax bills can have a substantial impact on homeowners, influencing their overall cost of living and potentially affecting their decision to buy or sell property in the area. Compared to the national median property tax rate of 0.99%, Fox Point's rates highlight the variability and importance of understanding local tax obligations.
Average Fox Point Tax Bill
$7,754
Average Milwaukee County Tax Bill
$3,903
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Fox Point, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53217 | $577 | $2,205 | $7,754 | $10,166 | $16,194 |
Source: Ownwell