Prescott, Wisconsin Property Taxes
The median property tax rate in Prescott, WI is 2.56%, considerably higher than both the national median of 0.99% and the Wisconsin state median of 1.58%. With the median home value in Prescott, the typical annual property tax bill reaches $5,249, exceeding the national median of $2,690. Property taxes in Prescott 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 Prescott'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 Prescott 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
Prescott, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.56%
Estimate Property Tax Bill
$5,859
$5,437
Ownwell’s Prescott Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Prescott. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Prescott to provide an accurate estimate of your property tax bill. This user-friendly tool offers a clear understanding of your potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Prescott, Wisconsin
Property taxes in Prescott, Wisconsin, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Prescott is 2.56%, significantly higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Prescott set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prescott 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 Prescott's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the zip code 54021 has the highest median property tax rate of 2.56%, while the same zip code also has the lowest median tax rate of 2.56%. Understanding how these cities compare with Prescott provides valuable insights into the varying tax landscape across Pierce County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Prescott Tax Rate
2.56%
Average Pierce County Tax Rate
1.89%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prescott, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54021 | 1.39% | 1.39% | 2.56% | 2.56% | 2.56% |
Source: Ownwell
Property Tax Assessment Values Across Prescott, Wisconsin
In Prescott, 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 Pierce 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 Prescott, 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 Prescott helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Prescott is $228,882, with tax bills ranging from $4,128 at the 25th percentile to $8,412 at the 90th percentile. The zip code 54021 has the highest and lowest median tax bill at $5,249.
Average Prescott Assessed Value
$228,882
Average Pierce County Assessed Value
$217,809
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Prescott, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54021 | $115,996 | $170,366 | $228,882 | $386,398 | $542,287 |
Source: Ownwell
Property Tax Bills Across Prescott, Wisconsin
In Prescott, located in Pierce County, WI, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. Home assessments are based on the estimated market value, which can fluctuate with real estate trends. For example, with a median home price of $228,882, homeowners can expect their tax bill to vary significantly depending on the precise assessment and applicable exemptions. The property tax rate in Prescott can lead to tax bills ranging from $4,128 at the 25th percentile to $8,412 at the 90th percentile. This variation highlights how factors like home improvements, neighborhood developments, and market conditions can influence the assessed value and, consequently, the tax bill. Comparatively, the national median property tax rate is 0.99%, making Prescott's tax environment relatively higher. Homeowners in Prescott should be aware of these factors, as they directly impact annual financial obligations, potentially affecting budgeting and long-term financial planning.
Average Prescott Tax Bill
$5,249
Average Pierce County Tax Bill
$4,292
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Prescott, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54021 | $2,706 | $4,128 | $5,249 | $6,777 | $8,412 |
Source: Ownwell