Waterford, Wisconsin Property Taxes
The median property tax rate in Waterford, WI is 1.44%, which is considerably higher than the national median of 0.99% but lower than the Wisconsin state median of 1.58%. With the median home value in Waterford at $295,007, the typical annual property tax bill reaches $4,025, significantly exceeding the national median of $2,690. Property taxes in Waterford are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Waterford'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 Waterford or another part of Racine County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Waterford, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.44%
Estimate Property Tax Bill
$4,248
$3,942
Ownwell’s Waterford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waterford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waterford 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 Waterford, Wisconsin
Property taxes in Waterford, Wisconsin, play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Waterford is 1.44%, significantly higher than the U.S. national median of 0.99%. Local government entities within Waterford set these rates annually, and they can vary across different neighborhoods. Each year, Waterford 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 Waterford's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the zip code 53185 has the highest median property tax rate of 1.44%, while the same zip code also has the lowest median tax rate of 1.44%. Understanding how these cities compare with Waterford 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 Waterford Tax Rate
1.44%
Average Racine County Tax Rate
1.64%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waterford, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53185 | 1.03% | 1.15% | 1.44% | 1.72% | 1.80% |
Source: Ownwell
Property Tax Assessment Values Across Waterford, Wisconsin
In Waterford, 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 Racine 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 Waterford, 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. The median home price in Waterford is $295,007, with tax bills ranging from $3,079 at the 25th percentile to $6,693 at the 90th percentile. The highest and lowest median tax bill in Waterford is $4,025, both found in the 53185 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Waterford Assessed Value
$295,007
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 Waterford, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53185 | $178,771 | $231,670 | $295,007 | $368,853 | $467,997 |
Source: Ownwell
Property Tax Bills Across Waterford, Wisconsin
In Waterford, WI, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by local assessors who evaluate the property's market value and then apply an assessment ratio. The local tax rate is set by various taxing authorities, including the county, school districts, and other local entities. Homeowners in Waterford can expect their tax bills to vary significantly depending on their property's assessed value. For instance, the median home price in Waterford is $295,007. Property tax bills in the 25th percentile are around $3,079, while those in the 75th percentile reach up to $5,360. At the 90th percentile, tax bills can be as high as $6,693. Compared to the national median property tax rate of 0.99%, Waterford's property taxes can be relatively high, affecting homeowners' annual expenses. Understanding these factors can help homeowners anticipate their tax obligations and plan accordingly.
Average Waterford Tax Bill
$4,025
Average Racine County Tax Bill
$3,592
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Waterford, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53185 | $2,338 | $3,079 | $4,025 | $5,360 | $6,693 |
Source: Ownwell