Luck, Polk County, Wisconsin Property Taxes
The median property tax rate in Luck, WI is 1.09%, slightly higher than the national median of 0.99% but lower than the Wisconsin state median of 1.58%. With a median home value of $205,200 in Luck, the typical annual property tax bill amounts to $2,365, which is below the national median of $2,690. Property taxes in Luck are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Luck'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 Luck or another part of Polk County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Luck, Polk County, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$2,237
$2,076
Ownwell’s LUCK Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LUCK with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LUCK 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 Luck, Polk County, Wisconsin
Property taxes in Luck, Wisconsin, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Luck is 1.09%, higher than the U.S. national median of 0.99%. Local government entities within Luck set these rates annually, and they can vary significantly across different neighborhoods. Each year, Luck 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 Luck's effective property tax rate to other areas and the national median. For comparison, the 54853 zip code has the highest median property tax rate of 1.09%, while the same zip code also has the lowest median tax rate of 1.09%. Understanding how these areas compare with Luck 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 Luck Tax Rate
1.09%
Average Polk County Tax Rate
1.13%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Luck, Polk County, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54853 | 0.94% | 1.02% | 1.09% | 1.24% | 1.56% |
Source: Ownwell
Property Tax Assessment Values Across Luck, Polk County, Wisconsin
In Luck, 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 Luck, 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. With the median home price at $205,200, tax bills in Luck range significantly, with the 25th percentile at $1,492 and the 75th percentile at $3,599. The highest and lowest median tax bills, both at $2,365, are found in the 54853 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Luck, Polk County, Wisconsin
Source: Ownwell
$66,950
$209,075
$351,200
Average Luck Assessed Value
$205,200
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 Luck, Polk County, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54853 | $71,420 | $127,750 | $205,200 | $312,150 | $477,460 |
Source: Ownwell
Property Tax Bills Across Luck, Polk County, Wisconsin
In Luck, Polk County, WI, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. For example, a home with a median price of $205,200 will have its tax bill calculated on this assessed value. The tax rate in Luck is then applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including property characteristics, improvements, and local tax rates. Homeowners in Luck can expect their tax bills to vary significantly. For instance, the 25th percentile tax bill is around $1,492, while the 75th percentile tax bill can reach up to $3,599. At the higher end, the 90th percentile tax bill is approximately $5,440. These property tax bills have a substantial impact on homeowners, affecting their annual budgeting and long-term financial planning. Compared to the national median property tax rate of 0.99%, the rates in Luck demonstrate the variability in property tax burdens across different regions.
Average Luck Tax Bill
$2,365
Average Polk County Tax Bill
$2,629
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Luck, Polk County, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54853 | $770 | $1,492 | $2,365 | $3,599 | $5,440 |
Source: Ownwell