Independence, Wisconsin Property Taxes
The median property tax rate in Independence, WI is 1.94%, considerably higher than both the national median of 0.99% and the Wisconsin state median of 1.58%. With the median home value in Independence at $138,950, the typical annual property tax bill reaches $2,494, which is slightly below the national median of $2,690. Property taxes in Independence 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 Independence'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 Independence 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
Independence, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.94%
Estimate Property Tax Bill
$2,696
Ownwell’s Independence Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Independence with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Independence to provide an estimate of your property tax bill. This helpful tool gives you a clear understanding of potential tax liabilities. For those interested in more granular trends, you can scroll down to access localized information. Your property’s assessed value, assigned by Trempealeau County for tax purposes, includes any applicable exemptions, ensuring an accurate estimate.
Property Tax Rates Across Independence, Wisconsin
Property taxes in Independence, Wisconsin, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Independence is 1.94%, significantly higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Independence set these rates annually, and they can vary significantly across different neighborhoods. Each year, Independence 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 Independence's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 54747 zip code has the highest median property tax rate of 1.94%, while the 54747 zip code has the lowest median tax rate of 1.94%. Understanding how these cities compare with Independence provides valuable insights into the varying tax landscape across Trempealeau County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Independence Tax Rate
1.94%
Average Trempealeau County Tax Rate
1.65%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Independence, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54747 | 1.48% | 1.60% | 1.94% | 2.06% | 2.13% |
Source: Ownwell
Property Tax Assessment Values Across Independence, Wisconsin
In Independence, 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 Trempealeau 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. 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 Independence helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills are both found in the 54747 zip code, each amounting to $2,494.
Property Tax Assessment Values Across Independence, Wisconsin
Source: Ownwell
$118,200
$190,500
$262,800
Average Independence Assessed Value
$138,950
Average Trempealeau County Assessed Value
$169,050
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Independence, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54747 | $64,510 | $98,375 | $138,950 | $182,800 | $239,770 |
Source: Ownwell
Property Tax Bills Across Independence, Wisconsin
In Independence, located in Trempealeau County, WI, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in this area stands at $138,950. Homeowners can expect their property tax bills to vary significantly, with the 25th percentile tax bill around $1,796 and the 75th percentile reaching up to $3,493. For those in the 90th percentile, tax bills can be as high as $4,468. The assessment considers various factors, including the property's market value, improvements made, and comparable property values in the vicinity. These assessments are crucial as they determine the share of the local tax burden each homeowner must bear. Compared to the national median property tax rate of 0.99%, Independence's rates can be quite impactful on homeowners' finances. This variation in tax bills affects homeowners differently, influencing decisions on property investments and long-term financial planning. The highest and lowest median tax bills in the county are both recorded at $2,494 in the 54747 zip code.
Average Independence Tax Bill
$2,494
Average Trempealeau County Tax Bill
$2,894
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Independence, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54747 | $1,117 | $1,796 | $2,494 | $3,493 | $4,468 |
Source: Ownwell