Somerset, Wisconsin Property Taxes
The median property tax rate in Somerset, WI is 1.42%, which is higher than the national median of 0.99% but lower than the Wisconsin state median of 1.58%. With the median home value in Somerset at $267,000, the typical annual property tax bill amounts to $3,673, surpassing the national median of $2,690. Property taxes in Somerset are calculated based on the tax assessed value, often lower than the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Somerset'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 Somerset 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
Somerset, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.42%
Estimate Property Tax Bill
$3,791
Ownwell’s Somerset Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Somerset with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Somerset 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 Somerset, Wisconsin
Property taxes in Somerset, Wisconsin, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Somerset is 1.42%, higher than the U.S. national median of 0.99%. Local government entities within Somerset set these rates annually, and they can vary significantly across different neighborhoods. Each year, Somerset 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 Somerset's effective property tax rate to other areas and the national median. For comparison, the 54025 zip code has the highest median property tax rate of 1.42%, while the same zip code also has the lowest median tax rate of 1.42%. Understanding how these cities compare with Somerset 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 Somerset Tax Rate
1.42%
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 Somerset, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54025 | 1.02% | 1.05% | 1.42% | 1.65% | 1.74% |
Source: Ownwell
Property Tax Assessment Values Across Somerset, Wisconsin
In Somerset, 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 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 Somerset, 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 Somerset helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Somerset's highest and lowest median tax bills are both $3673 in the 54025 zip code, with tax bills ranging from $2911 at the 25th percentile to $6387 at the 90th percentile.
Average Somerset Assessed Value
$267,000
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 Somerset, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54025 | $145,750 | $192,500 | $267,000 | $404,325 | $553,550 |
Source: Ownwell
Property Tax Bills Across Somerset, Wisconsin
In Somerset, located in St. Croix County, WI, property tax bills are calculated based on the assessed value of the home and the local tax rate. The median home price in Somerset is $267,000, which serves as a benchmark for understanding property tax obligations in the area. Homeowners in Somerset can expect their tax bills to vary significantly, with the 25th percentile at $2,911 and the 75th percentile at $4,722. The 90th percentile tax bill reaches up to $6,387, showcasing the range of property tax burdens within the community. Factors considered in determining the tax bill include the assessed value of the property, which is typically a percentage of the market value, and the local tax rate. These elements combine to create a tax bill that directly impacts homeowners, influencing their annual financial planning and overall cost of homeownership. Compared to the national median property tax rate of 0.99%, Somerset's property tax rates reflect the specific fiscal needs and policies of the local government.
Average Somerset Tax Bill
$3,673
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 Somerset, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54025 | $2,216 | $2,911 | $3,673 | $4,722 | $6,387 |
Source: Ownwell