Norwalk, Wisconsin Property Taxes
The median property tax rate in Norwalk, 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 Norwalk, the typical annual property tax bill reaches $1,931, which is below the national median of $2,690. Property taxes in Norwalk 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 Norwalk'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 Norwalk or another part of Monroe County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Norwalk, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.59%
Estimate Property Tax Bill
$1,839
$1,706
Ownwell’s Norwalk Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Norwalk with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Norwalk 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 Monroe County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Norwalk, Wisconsin
Property taxes in Norwalk, Wisconsin, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Norwalk is 1.59%, higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Norwalk set these rates annually, and they can vary significantly across different neighborhoods. Each year, Norwalk 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 Norwalk's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 54648 zip code has the highest median property tax rate of 1.59%, while the same zip code also has the lowest median tax rate of 1.59%. Understanding how these cities compare with Norwalk provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Norwalk Tax Rate
1.59%
Average Monroe County Tax Rate
1.50%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Norwalk, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54648 | 1.23% | 1.40% | 1.59% | 1.86% | 2.04% |
Source: Ownwell
Property Tax Assessment Values Across Norwalk, Wisconsin
In Norwalk, 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 Monroe 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 Norwalk, 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. The median home price in Norwalk is $115,650, with tax bills ranging from $1,205 at the 25th percentile to $4,639 at the 90th percentile. The highest and lowest median tax bills are both found in zip code 54648, amounting to $1,931. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Norwalk Assessed Value
$115,650
Average Monroe County Assessed Value
$170,300
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Norwalk, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54648 | $41,810 | $69,175 | $115,650 | $194,275 | $300,230 |
Source: Ownwell
Property Tax Bills Across Norwalk, Wisconsin
In Norwalk, Monroe County, WI, property tax bills are calculated based on the assessed value of a property and the local tax rate. Homeowners in this region see their tax bills influenced by the assessed value of their homes, which is determined by local assessors. The median home price in Norwalk is $115,650, and property tax rates are applied to this assessed value to calculate the annual tax bill. For instance, a homeowner with a property in the 25th percentile can expect a tax bill around $1,205, while those in the 75th percentile might see bills as high as $3,118. At the 90th percentile, the tax bill can reach up to $4,639. These figures highlight the variability in tax obligations based on property values and assessments. Compared to the national median property tax rate of 0.99%, Norwalk's tax rates reflect the local economic and property market conditions, impacting homeowners' financial planning and property investment decisions.
Average Norwalk Tax Bill
$1,931
Average Monroe County Tax Bill
$2,549
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Norwalk, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54648 | $660 | $1,205 | $1,931 | $3,118 | $4,639 |
Source: Ownwell