Park Falls, Wisconsin Property Taxes
The median property tax rate in Park Falls, WI is 0.91%, which is notably lower than both the national median of 0.99% and the Wisconsin state median of 1.58%. With the median home value in Park Falls at $75,400, the typical annual property tax bill amounts to $684, significantly below the national median of $2,690. Property taxes in Park Falls are calculated based on the assessed value, which is often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Park Falls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Park Falls or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Park Falls, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$686
Ownwell’s Park Falls Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Park Falls with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Park Falls 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 Park Falls, Wisconsin
Property taxes in Park Falls, Wisconsin, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Park Falls is 1.23%, significantly higher than both the Wisconsin state median of 1.53% and the U.S. national median of 0.99%. Local government entities within Park Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Park Falls 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 Park Falls' effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 54552 zip code has both the highest and lowest median property tax rate of 1.23%. Understanding how these cities compare with Park Falls provides valuable insights into the varying tax landscape across Sawyer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Park Falls Tax Rate
0.91%
Average Sawyer County Tax Rate
0.89%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Park Falls, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54552 | 0.80% | 0.88% | 0.91% | 0.94% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Park Falls, Wisconsin
In Park Falls, 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 Sawyer 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 Park Falls, 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 Park Falls helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $684 in the 54552 zip code, which is also the lowest median tax bill.
Average Park Falls Assessed Value
$75,400
Average Sawyer County Assessed Value
$195,000
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Park Falls, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54552 | $46,740 | $54,600 | $75,400 | $140,550 | $163,560 |
Source: Ownwell
Property Tax Bills Across Park Falls, Wisconsin
In Park Falls, property tax bills are calculated based on the assessed value of the property, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property location, size, and market conditions are considered during the assessment process. Homeowners in Park Falls experience varying property tax bills; for instance, the 25th percentile tax bill is $480, while the 75th percentile reaches $1,354, and the 90th percentile goes up to $1,561. The median home price in Park Falls is $75,400, and with a median tax bill of $684, homeowners face a property tax rate that is competitive compared to the national median property tax rate of 0.99%. This variation in tax bills can significantly impact homeowners, influencing their overall cost of living and financial planning. Understanding these factors can help homeowners better anticipate their property tax obligations and manage their finances accordingly.
Average Park Falls Tax Bill
$684
Average Sawyer County Tax Bill
$1,766
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Park Falls, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54552 | $298 | $480 | $684 | $1,354 | $1,561 |
Source: Ownwell