Genoa City, Walworth County, Wisconsin Property Taxes
The median property tax rate in Genoa City, WI is 1.60%, considerably higher than both the national median of 0.99% and the Wisconsin state median of 1.58%. With the median home value in Genoa City, the typical annual property tax bill reaches $3,161, exceeding the national median of $2,690. Property taxes in Genoa City 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 Genoa City'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 Genoa City or another part of the area, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Genoa City, Walworth County, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.6%
Estimate Property Tax Bill
$3,160
$2,933
Ownwell’s Genoa City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Genoa City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Genoa City 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 Genoa City, Walworth County, Wisconsin
Property taxes in Genoa City, Wisconsin, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Genoa City is 1.60%, significantly higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Genoa City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Genoa City 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 Genoa City's effective property tax rate to other areas in Wisconsin and the national median. For comparison, the zip code 53128 has the highest median property tax rate of 1.60%, while the same zip code also holds the lowest median tax rate of 1.60%. Understanding how these figures compare with Genoa City provides valuable insights into the varying tax landscape across Walworth County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Genoa City Tax Rate
1.60%
Average Walworth County Tax Rate
1.30%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Genoa City, Walworth County, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53128 | 1.37% | 1.48% | 1.60% | 1.75% | 1.88% |
Source: Ownwell
Property Tax Assessment Values Across Genoa City, Walworth County, Wisconsin
In Genoa City, 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 Walworth County Assessor 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 Genoa City, 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 Genoa City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $3,161, found in zip code 53128.
Property Tax Assessment Values Across Genoa City, Walworth County, Wisconsin
Source: Ownwell
$163,882
$315,617
$467,352
Average Genoa City Assessed Value
$197,508
Average Walworth County Assessed Value
$260,578
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Genoa City, Walworth County, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53128 | $103,628 | $143,595 | $197,508 | $252,980 | $338,260 |
Source: Ownwell
Property Tax Bills Across Genoa City, Walworth County, Wisconsin
Property tax bills in Genoa City, located in Walworth County, WI, are determined by assessing the market value of a home and applying the local tax rate. The median home price in Genoa City is $197,508. Homeowners can expect their tax bills to vary significantly based on their property's assessed value and the applicable tax rate. For instance, the 25th percentile tax bill is approximately $2,337, while the 75th percentile tax bill reaches around $4,202. At the higher end, the 90th percentile tax bill can be as much as $5,451. These tax bills directly impact homeowners by influencing their annual financial obligations. Compared to the national median property tax rate of 0.99%, the property taxes in Genoa City can be relatively higher or lower depending on individual circumstances. The highest and lowest median tax bills in the area are both $3,161, which shows some consistency in the tax burden across different properties. Understanding these factors can help homeowners better anticipate their annual expenses and manage their budgets accordingly.
Average Genoa City Tax Bill
$3,161
Average Walworth County Tax Bill
$3,583
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Genoa City, Walworth County, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53128 | $1,599 | $2,337 | $3,161 | $4,202 | $5,451 |
Source: Ownwell