Oak Creek, Wisconsin Property Taxes
The median property tax rate in Oak Creek, WI is 1.76%, notably higher than both the national median of 0.99% and the Wisconsin state median of 1.58%. With the median home value in Oak Creek at $303,600, the typical annual property tax bill reaches $5,384, surpassing the national median of $2,690. Property taxes in Oak Creek are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Oak Creek'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 Oak Creek 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
Oak Creek, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.76%
Estimate Property Tax Bill
$5,343
Ownwell’s Oak Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oak Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oak Creek 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 Oak Creek, Wisconsin
Property taxes in Oak Creek, Wisconsin, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oak Creek is 1.76%, significantly higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Oak Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oak Creek 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 Oak Creek's effective property tax rate to other areas in Wisconsin and the national median. For comparison, the 53154 zip code has the median property tax rate of 1.76%. Understanding how these cities compare with Oak Creek 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 Oak Creek Tax Rate
1.76%
Average Milwaukee County Tax Rate
2.38%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oak Creek, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53154 | 1.71% | 1.74% | 1.76% | 1.78% | 1.83% |
Source: Ownwell
Property Tax Assessment Values Across Oak Creek, Wisconsin
In Oak Creek, 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 Oak Creek, 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 zip code 53154 has the highest median tax bill at $5,384. 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 Oak Creek helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Oak Creek Assessed Value
$303,600
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 Oak Creek, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53154 | $169,120 | $239,300 | $303,600 | $370,100 | $449,020 |
Source: Ownwell
Property Tax Bills Across Oak Creek, Wisconsin
In Oak Creek, Milwaukee County, 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 local assessor and reflects the market value of the property. Homeowners in Oak Creek experience property tax bills that vary significantly depending on the value of their homes. For instance, the tax bill at the 25th percentile is approximately $4,260, while at the 75th percentile, it rises to about $6,606. Those in the 90th percentile see bills around $8,087. These figures indicate that property tax bills in Oak Creek can be substantial, impacting household budgets considerably. With the national median property tax rate at 0.99%, homeowners in Oak Creek should be aware of how local assessments and tax rates can influence their annual tax obligations. The highest and lowest median tax bills in Oak Creek are both $5,384, indicating a relatively consistent tax environment across different parts of the city.
Average Oak Creek Tax Bill
$5,384
Average Milwaukee County Tax Bill
$3,903
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Oak Creek, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53154 | $3,229 | $4,260 | $5,384 | $6,606 | $8,087 |
Source: Ownwell