Balsam Lake, Wisconsin Property Taxes
The median property tax rate in Balsam Lake, WI is 1.08%, slightly higher than the national median of 0.99% but lower than the Wisconsin state median of 1.58%. With the median home value in Balsam Lake at $278,300, the typical annual property tax bill reaches $2,990, surpassing the national median of $2,690. Property taxes in Balsam Lake are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Balsam Lake'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 Balsam Lake or another part of Polk County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Balsam Lake, 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 Balsam Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Balsam Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Balsam Lake 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 Balsam Lake, Wisconsin
Property taxes in Balsam Lake, Wisconsin, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Balsam Lake is 1.08%, higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Balsam Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Balsam Lake 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 Balsam Lake's effective property tax rate to other areas in Wisconsin and the national median. For comparison, the 54810 zip code has the highest median property tax rate of 1.08%, while the same zip code also has the lowest median tax rate of 1.08%. Understanding how these cities compare with Balsam Lake provides valuable insights into the varying tax landscape across Polk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Balsam Lake Tax Rate
1.08%
Average Polk County Tax Rate
1.13%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Balsam Lake, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54810 | 0.92% | 1.00% | 1.08% | 1.17% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Balsam Lake, Wisconsin
In Balsam Lake, 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 Polk 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 Balsam Lake, 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 Balsam Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 54810 has the highest and lowest median tax bill, both valued at $2,990.
Average Balsam Lake Assessed Value
$278,300
Average Polk County Assessed Value
$219,000
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Balsam Lake, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54810 | $82,820 | $158,025 | $278,300 | $468,275 | $697,570 |
Source: Ownwell
Property Tax Bills Across Balsam Lake, Wisconsin
In Balsam Lake, located in Polk County, WI, property tax bills are calculated based on the assessed value of the property and the local tax rate. The median home price in the area is $278,300, and the property tax rate is applied to this assessed value to determine the tax bill. Several factors influence the assessed value, including the property's market value, location, and any improvements or renovations made to the home. For homeowners in Balsam Lake, the property tax bill can vary significantly. The 25th percentile tax bill is around $1,735, while the 75th percentile reaches up to $5,407. At the 90th percentile, some homeowners may see tax bills as high as $8,192. These variations can impact homeowners differently, depending on their property's assessed value and the local tax rate. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners in Balsam Lake to understand how their local rates and property values influence their overall tax obligations.
Average Balsam Lake Tax Bill
$2,990
Average Polk County Tax Bill
$2,629
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Balsam Lake, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54810 | $853 | $1,735 | $2,990 | $5,407 | $8,192 |
Source: Ownwell