New Richmond, Polk County, Wisconsin Property Taxes
The median property tax rate in New Richmond, WI is 1.12%, which is higher than both the national median of 0.99% and the Wisconsin state median of 1.58%. With the median home value in New Richmond at $351,200, the typical annual property tax bill reaches $3,968, surpassing the national median of $2,690. Property taxes in New Richmond are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural land. Understanding New Richmond'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 New Richmond or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
New Richmond, Polk County, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$3,933
$3,650
Ownwell’s New Richmond Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Richmond with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Richmond 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 New Richmond, Polk County, Wisconsin
Property taxes in New Richmond, Wisconsin, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Richmond is 1.12%, higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within New Richmond set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Richmond 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 New Richmond's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 54017 zip code has the highest median property tax rate of 1.12%, while the same zip code also has the lowest median tax rate of 1.12%. Understanding how these cities compare with New Richmond 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 New Richmond Tax Rate
1.12%
Average Polk County Tax Rate
1.13%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Richmond, Polk County, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54017 | 1.07% | 1.09% | 1.12% | 1.13% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across New Richmond, Polk County, Wisconsin
In New Richmond, 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 New Richmond, 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. The highest median tax bill in the area is $3,968 in the 54017 zip code, while the lowest median tax bill is also $3,968 in the same 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 New Richmond, Polk County, Wisconsin
Source: Ownwell
$66,950
$209,075
$351,200
Average New Richmond Assessed Value
$351,200
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 New Richmond, Polk County, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54017 | $112,300 | $237,650 | $351,200 | $476,350 | $705,220 |
Source: Ownwell
Property Tax Bills Across New Richmond, Polk County, Wisconsin
In New Richmond, located in Polk County, WI, property tax bills are calculated based on the assessed value of the home and the local tax rate. The median home price in this area is $351,200. Homeowners can expect their property taxes to vary significantly, with tax bills ranging from the 25th percentile at $2,660 to the 90th percentile at $7,946. The highest median tax bill in the region is $3,968, which is relatively higher compared to the national median property tax rate of 0.99%. Several factors influence the property tax bill, including the assessed value of the property, local tax rates, and any applicable exemptions. These elements combined determine the final amount owed by homeowners. Property taxes are essential for funding local services such as schools, emergency services, and infrastructure. Homeowners in New Richmond must budget for these taxes, which can impact their overall financial planning and homeownership costs. Understanding how these taxes are calculated can help homeowners anticipate their annual expenses more accurately.
Average New Richmond Tax Bill
$3,968
Average Polk County Tax Bill
$2,629
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across New Richmond, Polk County, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54017 | $1,224 | $2,660 | $3,968 | $5,392 | $7,946 |
Source: Ownwell