Iola, Wisconsin Property Taxes
The median property tax rate in Iola, WI is 1.30%, considerably higher than both the national median of 0.99% and the Wisconsin state median of 1.58%. With the median home value in Iola, the typical annual property tax bill reaches $3,290, exceeding the national median of $2,690. Property taxes in Iola 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 Iola'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 Iola 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
Iola, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.3%
Estimate Property Tax Bill
$3,273
Ownwell’s Iola Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Iola with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Iola 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 Iola, Wisconsin
Property taxes in Iola, Wisconsin, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Iola is 1.30%, significantly higher than the U.S. national median of 0.99%. Local government entities within Iola set these rates annually, and they can vary across different neighborhoods. Each year, Iola 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 Iola's effective property tax rate to other areas in Wisconsin and the national median. For comparison, the zip code 54945 in Portage County has the highest median property tax rate of 1.30%, while the same zip code also has the lowest median tax rate of 1.30%. Understanding how these areas compare with Iola provides valuable insights into the varying tax landscape across Portage County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Iola Tax Rate
1.30%
Average Portage County Tax Rate
1.54%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Iola, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54945 | 1.19% | 1.23% | 1.30% | 1.38% | 1.39% |
Source: Ownwell
Property Tax Assessment Values Across Iola, Wisconsin
In Iola, 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 local 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 Iola, 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 Iola helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $3,290 in zip code 54945, while the lowest is also $3,290 in the same zip code.
Average Iola Assessed Value
$251,800
Average Portage County Assessed Value
$182,500
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Iola, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54945 | $72,770 | $117,175 | $251,800 | $370,675 | $411,460 |
Source: Ownwell
Property Tax Bills Across Iola, Wisconsin
In Iola, located in Portage 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 local assessors who evaluate the market value of the property. This value is then multiplied by the local tax rate to calculate the annual tax bill. For example, with a median home price of $251,800, homeowners can expect varying tax bills. The 25th percentile tax bill is around $1,516, while those in the 75th percentile see bills as high as $4,867. At the 90th percentile, tax bills can reach $5,509. These figures are influenced by factors such as property size, location, and improvements. The median property tax rate in Iola is higher than the national median of 0.99%, which can significantly impact homeowners' annual expenses. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Iola Tax Bill
$3,290
Average Portage County Tax Bill
$2,873
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Iola, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54945 | $960 | $1,516 | $3,290 | $4,867 | $5,509 |
Source: Ownwell