Tomah, Wisconsin Property Taxes
The median property tax rate in Tomah, WI is 1.63%, considerably higher than both the national median of 0.99% and the Wisconsin state median of 1.58%. With the median home value in Tomah at $172,500, the typical annual property tax bill reaches $2,570, slightly below the national median of $2,690. Property taxes in Tomah 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 Tomah'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 Tomah 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
Tomah, 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 Tomah Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tomah with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tomah 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 Tomah, Wisconsin
Property taxes in Tomah, Wisconsin, are essential for funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Tomah is 1.63%, significantly higher than the U.S. national median of 0.99%. Local government entities within Tomah set these rates annually, and they can vary across different neighborhoods. Each year, Tomah 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 Tomah's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 54660 zip code has the median property tax rate of 1.63%. Understanding how these areas compare with Tomah 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 Tomah Tax Rate
1.63%
Average Monroe County Tax Rate
1.50%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tomah, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54660 | 1.10% | 1.18% | 1.63% | 1.75% | 1.82% |
Source: Ownwell
Property Tax Assessment Values Across Tomah, Wisconsin
In Tomah, 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 Tomah, 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 Tomah helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 54660, with a bill of $2,570, which is the same for the lowest median tax bill.
Average Tomah Assessed Value
$172,500
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 Tomah, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54660 | $79,800 | $122,200 | $172,500 | $237,300 | $335,100 |
Source: Ownwell
Property Tax Bills Across Tomah, Wisconsin
In Tomah, located in Monroe 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. This value is then multiplied by the tax rate to determine the annual tax bill. For homeowners in Tomah, the median home price stands at $172,500. Property tax bills can vary significantly, with the 25th percentile at $1,811, the 75th percentile at $3,502, and the 90th percentile reaching $4,696. The highest and lowest median tax bill in the area is $2,570, found in the 54660 zip code. These tax bills have a substantial impact on homeowners, influencing their overall housing costs and affordability. Compared to the national median property tax rate of 0.99%, understanding these local nuances helps homeowners better prepare for their financial obligations.
Average Tomah Tax Bill
$2,570
Average Monroe County Tax Bill
$2,549
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Tomah, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54660 | $1,111 | $1,811 | $2,570 | $3,502 | $4,696 |
Source: Ownwell