Phillips, Wisconsin Property Taxes
The median property tax rate in Phillips, WI is 1.68%, considerably higher than both the national median of 0.99% and the Wisconsin state median of 1.58%. With the median home value in Phillips at $105,900, the typical annual property tax bill reaches $1,784, exceeding the national median of $2,690. Property taxes in Phillips 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 Phillips' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Phillips 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
Phillips, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.68%
Estimate Property Tax Bill
$1,779
$1,651
Ownwell’s Phillips Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Phillips with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Phillips 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 Phillips, Wisconsin
Property taxes in Phillips, Wisconsin, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Phillips is 1.68%, significantly higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Phillips set these rates annually, and they can vary significantly across different neighborhoods. Each year, Phillips 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 Phillips's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 54555 zip code has both the highest and lowest median property tax rate of 1.68%. Understanding how these cities compare with Phillips provides valuable insights into the varying tax landscape across Price County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Phillips Tax Rate
1.68%
Average Price County Tax Rate
1.67%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Phillips, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54555 | 1.11% | 1.56% | 1.68% | 1.76% | 2.25% |
Source: Ownwell
Property Tax Assessment Values Across Phillips, Wisconsin
In Phillips, 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 Price 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 Phillips, 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 Phillips helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 54555, both valued at $1,784.
Average Phillips Assessed Value
$105,900
Average Price County Assessed Value
$88,900
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Phillips, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54555 | $34,100 | $60,300 | $105,900 | $166,725 | $239,010 |
Source: Ownwell
Property Tax Bills Across Phillips, Wisconsin
In Phillips, WI, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in Phillips is $105,900. To calculate the property tax, this assessed value is multiplied by the local tax rate. For example, if the local tax rate is consistent with the national median property tax rate of 0.99%, a homeowner with a median-priced home would pay approximately $1,048 annually. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. In Phillips, the 25th percentile tax bill is around $1,020, while the 75th percentile reaches up to $2,767. At the 90th percentile, homeowners might see tax bills as high as $3,880. These variations reflect differences in property values and applicable exemptions. Understanding these factors is crucial for homeowners, as property taxes can significantly impact annual expenses. Staying informed about local tax rates and potential exemptions can help in managing these costs effectively.
Average Phillips Tax Bill
$1,784
Average Price County Tax Bill
$1,546
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Phillips, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54555 | $518 | $1,020 | $1,784 | $2,767 | $3,880 |
Source: Ownwell