River Falls, Wisconsin Property Taxes
The median property tax rate in River Falls, WI is 1.53%, considerably higher than both the national median of 0.99% and the Wisconsin state median of 1.58%. With the median home value in River Falls, the typical annual property tax bill reaches $3,990, exceeding the national median of $2,690. Property taxes in River Falls 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 River Falls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of River Falls 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
River Falls, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.53%
Estimate Property Tax Bill
$4,474
Ownwell’s River Falls Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in River Falls with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in River Falls to project your property tax bill. This valuable tool aids in understanding potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by the county for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across River Falls, Wisconsin
Property taxes in River 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 River Falls is 1.53%, significantly higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within River Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, River 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 River Falls' effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 54022 zip code has both the highest and lowest median property tax rate of 1.53%. Understanding how these cities compare with River Falls provides valuable insights into the varying tax landscape across St. Croix County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average River Falls Tax Rate
1.53%
Average St. Croix County Tax Rate
1.50%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across River Falls, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54022 | 0.97% | 1.03% | 1.53% | 1.59% | 1.64% |
Source: Ownwell
Property Tax Assessment Values Across River Falls, Wisconsin
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in River Falls, WI. The market value represents 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 St. Croix 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 River 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. The highest and lowest median tax bills in River Falls are both $3,990, found in zip code 54022. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average River Falls Assessed Value
$292,450
Average St. Croix County Assessed Value
$270,500
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across River Falls, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54022 | $162,000 | $219,500 | $292,450 | $400,675 | $534,110 |
Source: Ownwell
Property Tax Bills Across River Falls, Wisconsin
In River Falls, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in River Falls, the median home price stands at $292,450. Given this, tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $3,025, while at the 75th percentile, it rises to $5,178, and at the 90th percentile, it reaches $6,510. The local tax rate in River Falls contributes to these variations, and it is important to note that these rates can differ from the national median property tax rate of 0.99%. Homeowners in River Falls should be aware that their property taxes are influenced by the assessed value of their property and the local tax rate, which can impact their annual financial planning and overall cost of homeownership.
Average River Falls Tax Bill
$3,990
Average St. Croix County Tax Bill
$3,981
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across River Falls, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54022 | $2,341 | $3,025 | $3,990 | $5,178 | $6,510 |
Source: Ownwell