Springfield, Wisconsin Property Taxes
The median property tax rate in Springfield, WI is 1.01%, slightly higher than the national median of 0.99% but lower than the Wisconsin state median of 1.58%. With the median home value in Springfield at $198,558, the typical annual property tax bill is $1,997, which is below the national median of $2,690. Property taxes in Springfield are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Springfield'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 Springfield 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
Springfield, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$2,005
$1,861
Ownwell’s Springfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Springfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Springfield 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 Springfield, Wisconsin
Property taxes in Springfield, Wisconsin, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Springfield is 1.01%, slightly higher than the U.S. national median of 0.99%. Local government entities within Springfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Springfield 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 Springfield's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 53176 zip code has the highest median property tax rate of 1.01%, while the same zip code also has the lowest median tax rate of 1.01%. Understanding how these cities compare with Springfield 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 Springfield Tax Rate
1.01%
Average Walworth County Tax Rate
1.30%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Springfield, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53176 | 0.89% | 0.93% | 1.01% | 1.06% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Springfield, Wisconsin
In Springfield, Wisconsin, understanding the difference between "market value" and "assessed value" is essential 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 Springfield, 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 Springfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Springfield is $198,558, with the 25th percentile tax bill at $1,712 and the 75th percentile at $2,273. The highest and lowest median tax bills are both $1,997 in zip code 53176.
Average Springfield Assessed Value
$198,558
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 Springfield, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53176 | $143,398 | $175,978 | $198,558 | $220,357 | $251,532 |
Source: Ownwell
Property Tax Bills Across Springfield, Wisconsin
In Springfield, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is then multiplied by the local tax rate to generate the annual property tax bill. For homeowners in Springfield, the median home price is $198,558. The tax bill can vary significantly, with the 25th percentile tax bill at $1,712 and the 75th percentile at $2,273. For those in the 90th percentile, the tax bill can reach up to $2,659. Several factors influence the assessed value, including the home's market value, location, and any improvements or renovations made. These property taxes fund essential public services like schools, roads, and emergency services, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, Springfield homeowners experience a relatively moderate tax burden, ensuring that local amenities and infrastructure are well-supported.
Average Springfield Tax Bill
$1,997
Average Walworth County Tax Bill
$3,583
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Springfield, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53176 | $1,311 | $1,712 | $1,997 | $2,273 | $2,659 |
Source: Ownwell