Merrimac, Wisconsin Property Taxes
The median property tax rate in Merrimac, WI is 1.24%, considerably higher than both the national median of 0.99% and the Wisconsin state median of 1.58%. With the median home value in Merrimac at $369,954, the typical annual property tax bill reaches $4,370, exceeding the national median of $2,690. Property taxes in Merrimac 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 Merrimac'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 Merrimac 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
Merrimac, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.24%
Estimate Property Tax Bill
$4,587
$4,257
Ownwell’s Merrimac Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Merrimac with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Merrimac 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 Merrimac, Wisconsin
Property taxes in Merrimac, Wisconsin, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Merrimac is 1.24%, significantly higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Merrimac set these rates annually, and they can vary significantly across different neighborhoods. Each year, Merrimac 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 Merrimac's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 53561 zip code has the highest median property tax rate of 1.24%, while the same zip code also has the lowest median tax rate of 1.24%. Understanding how these cities compare with Merrimac provides valuable insights into the varying tax landscape across Sauk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Merrimac Tax Rate
1.24%
Average Sauk County Tax Rate
1.40%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Merrimac, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53561 | 1.03% | 1.21% | 1.24% | 1.30% | 1.42% |
Source: Ownwell
Property Tax Assessment Values Across Merrimac, Wisconsin
In Merrimac, 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 Sauk 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 Merrimac, 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 Merrimac helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Merrimac are the same, at $4,370, both found in zip code 53561.
Average Merrimac Assessed Value
$369,954
Average Sauk County Assessed Value
$227,964
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Merrimac, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53561 | $118,714 | $204,814 | $369,954 | $586,418 | $794,594 |
Source: Ownwell
Property Tax Bills Across Merrimac, Wisconsin
In Merrimac, WI, 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 local tax rate to compute the annual tax bill. Several factors influence the assessed value, including the home's size, age, location, and any improvements made to the property. For instance, the median home price in Merrimac is $369,954, and with a tax rate aligned with the national median of 0.99%, homeowners can expect to pay a significant amount in property taxes. Specifically, tax bills in Merrimac range from the 25th percentile at $2,466 to the 90th percentile at $10,158, with the highest median tax bill recorded at $4,370 in the 53561 zip code. These taxes fund essential public services like schools, infrastructure, and emergency services, directly impacting the quality of life in the community. High property taxes can be a considerable burden for homeowners, but they also ensure well-maintained local amenities and services.
Average Merrimac Tax Bill
$4,370
Average Sauk County Tax Bill
$3,357
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Merrimac, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53561 | $1,327 | $2,466 | $4,370 | $7,214 | $10,158 |
Source: Ownwell