Racine, Racine County, Wisconsin Property Taxes
The median property tax rate in Racine, WI is 2.17%, considerably higher than both the national median of 0.99% and the Wisconsin state median of 1.58%. With the median home value in Racine at $161,693, the typical annual property tax bill reaches $3,476, exceeding the national median of $2,690. Property taxes in Racine 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 Racine'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 Racine 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
Racine, Racine County, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.17%
Estimate Property Tax Bill
$3,509
$3,256
Ownwell’s Racine Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Racine with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Racine 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 Racine, Racine County, Wisconsin
Property taxes in Racine, Wisconsin, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Racine is 2.17%, significantly higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Racine set these rates annually, and they can vary significantly across different neighborhoods. Each year, Racine 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 Racine's effective property tax rate to other areas in Wisconsin and the national median. For comparison, the 53403 zip code has the highest median property tax rate of 2.22%, while the 53406 zip code has the lowest median tax rate of 1.68%. Understanding how these areas compare with Racine provides valuable insights into the varying tax landscape across Racine County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Racine Tax Rate
2.17%
Average Racine County Tax Rate
1.64%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Racine, Racine County, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53402 | 1.54% | 1.59% | 1.71% | 2.20% | 2.40% |
| 53403 | 1.68% | 2.15% | 2.22% | 2.41% | 2.96% |
| 53404 | 1.59% | 2.01% | 2.18% | 2.45% | 3.12% |
| 53405 | 1.72% | 2.16% | 2.19% | 2.34% | 2.72% |
| 53406 | 1.56% | 1.59% | 1.68% | 2.19% | 2.35% |
| 53408 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Racine, Racine County, Wisconsin
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Racine, WI. 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 Racine, 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. For example, the highest median tax bill is $4,175 in the 53406 zip code, while the lowest median tax bill is $2,777 in the 53404 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 Racine, Racine County, Wisconsin
Source: Ownwell
$81,109
$214,390
$347,670
Average Racine Assessed Value
$161,693
Average Racine County Assessed Value
$210,852
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Racine, Racine County, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53402 | $120,716 | $153,940 | $204,885 | $290,328 | $358,992 |
| 53403 | $63,126 | $88,598 | $129,576 | $162,801 | $203,778 |
| 53404 | $57,589 | $79,738 | $121,823 | $160,585 | $233,260 |
| 53405 | $102,996 | $125,146 | $151,725 | $182,736 | $222,606 |
| 53406 | $143,100 | $177,198 | $215,658 | $290,793 | $381,694 |
| 53408 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Racine, Racine County, Wisconsin
Property tax bills in Racine, WI, are calculated based on the assessed value of a property and the local tax rate. The tax bill is derived from multiplying the assessed value by the tax rate, then adjusting for any exemptions or deductions that may apply. In Racine, the median home price is $161,693, which provides a baseline for understanding local tax bills. Tax bills in the area show significant variation, with the 25th percentile at $2,686 and the 75th percentile at $4,407. Homeowners in the 90th percentile can expect a tax bill around $5,485. The highest median tax bill in Racine is $4,175, located in the 53406 zip code, while the lowest is $2,777 in the 53404 zip code. These variations are influenced by factors such as property location, improvements, and market conditions. Compared to the national median property tax rate of 0.99%, Racine's tax bills may seem high, but they reflect the specific economic and property value conditions of the area. For homeowners, understanding these factors is crucial for financial planning and property management.
Average Racine Tax Bill
$3,476
Average Racine County Tax Bill
$3,592
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Racine, Racine County, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53402 | $2,441 | $3,112 | $3,847 | $4,874 | $6,013 |
| 53403 | $1,458 | $2,151 | $2,961 | $3,775 | $4,768 |
| 53404 | $1,345 | $1,901 | $2,777 | $3,524 | $4,356 |
| 53405 | $2,235 | $2,811 | $3,439 | $4,200 | $4,988 |
| 53406 | $2,232 | $3,401 | $4,175 | $5,101 | $6,215 |
| 53408 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell