Lake Geneva, Walworth County, Wisconsin Property Taxes
The median property tax rate in Lake Geneva, WI is 1.31%, considerably higher than both the national median of 0.99% and the Wisconsin state median of 1.58%. With the median home value in Lake Geneva, the typical annual property tax bill reaches $3,521, exceeding the national median of $2,690. Property taxes in Lake Geneva 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 Lake Geneva'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 Lake Geneva 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
Lake Geneva, Walworth County, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$3,497
$3,245
Ownwell’s Lake Geneva Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Geneva with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Geneva 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 Lake Geneva, Walworth County, Wisconsin
Property taxes in Lake Geneva, Wisconsin, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Geneva is 1.31%, higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Lake Geneva set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Geneva 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 Lake Geneva's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 53147 zip code has both the highest and lowest median property tax rate of 1.31%. Understanding how these cities compare with Lake Geneva 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 Lake Geneva Tax Rate
1.31%
Average Walworth County Tax Rate
1.30%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Geneva, Walworth County, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53147 | 1.01% | 1.09% | 1.31% | 1.45% | 1.52% |
Source: Ownwell
Property Tax Assessment Values Across Lake Geneva, Walworth County, Wisconsin
In Lake Geneva, 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 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 Lake Geneva, 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 Lake Geneva 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 $3,521 in the 53147 zip code.
Property Tax Assessment Values Across Lake Geneva, Walworth County, Wisconsin
Source: Ownwell
$163,882
$315,617
$467,352
Average Lake Geneva Assessed Value
$266,912
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 Lake Geneva, Walworth County, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53147 | $91,362 | $156,624 | $266,912 | $459,424 | $833,886 |
Source: Ownwell
Property Tax Bills Across Lake Geneva, Walworth County, Wisconsin
In Lake Geneva, WI, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the local assessor and reflects the market value of the property. Factors such as location, property size, and home improvements can influence this value. The tax rate is set by local government entities to fund essential services like schools, infrastructure, and public safety. Homeowners in Lake Geneva face varying tax bills depending on their property's assessed value. For instance, the median home price in the area is $266,912. The property tax bill at the 25th percentile is $2,183, while at the 75th percentile, it rises to $5,896, and at the 90th percentile, it reaches $10,084. Compared to the national median property tax rate of 0.99%, these figures highlight the potential range of tax liabilities homeowners might encounter. Understanding these factors can help homeowners better anticipate their financial obligations and plan accordingly.
Average Lake Geneva Tax Bill
$3,521
Average Walworth County Tax Bill
$3,583
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Geneva, Walworth County, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53147 | $1,247 | $2,183 | $3,521 | $5,896 | $10,084 |
Source: Ownwell