Gotham, Wisconsin Property Taxes
The median property tax rate in Gotham, WI is 1.55%, slightly lower than the state median of 1.58% but significantly higher than the national median of 0.99%. With a median home value of $118,500 in Gotham, the typical annual property tax bill amounts to $1,840, which is lower than the national median of $2,690. Property taxes in Gotham are determined based on the tax assessed value, which often falls below the market value due to various exemptions, including primary residence and agricultural exemptions. Navigating Gotham's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Gotham 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
Gotham, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.55%
Estimate Property Tax Bill
$1,837
$1,704
Ownwell’s Gotham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gotham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gotham 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 Gotham, Wisconsin
Property taxes in Gotham, Wisconsin, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gotham is 1.55%, significantly higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Gotham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gotham 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 Gotham's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 53540 zip code has the highest median property tax rate of 1.55%, while the same zip code also has the lowest median tax rate of 1.55%. Understanding how these cities compare with Gotham provides valuable insights into the varying tax landscape across Richland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gotham Tax Rate
1.55%
Average Richland County Tax Rate
1.66%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gotham, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53540 | 1.55% | 1.55% | 1.55% | 1.55% | 1.55% |
Source: Ownwell
Property Tax Assessment Values Across Gotham, Wisconsin
In Gotham, 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 Richland 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 Gotham, 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 Gotham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 53540 has the highest and lowest median tax bill, both at $1,840, highlighting the uniformity in property tax assessments within the region.
Average Gotham Assessed Value
$118,500
Average Richland County Assessed Value
$97,250
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gotham, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53540 | $118,500 | $118,500 | $118,500 | $118,500 | $118,500 |
Source: Ownwell
Property Tax Bills Across Gotham, Wisconsin
In Gotham, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is then multiplied by the property tax rate set by the local government. For Gotham, located in Richland County, homeowners experience a median property tax bill of $1,840, which aligns with the national median property tax rate of 0.99%. Several factors influence the tax bill, including the market value of the property and any applicable exemptions or deductions. The median home price in Gotham is $118,500, which means the assessed value often reflects a significant portion of this amount. Homeowners in Gotham can expect their property tax bills to be relatively consistent, as both the 25th and 90th percentiles of tax bills are also $1,840. This uniformity in tax bills ensures that homeowners can anticipate their annual expenses without significant fluctuations, making financial planning more manageable.
Average Gotham Tax Bill
$1,840
Average Richland County Tax Bill
$1,704
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Gotham, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53540 | $1,840 | $1,840 | $1,840 | $1,840 | $1,840 |
Source: Ownwell