Random Lake, Wisconsin Property Taxes
The median property tax rate in Random Lake, WI is 0.92%, which is lower than both the national median of 0.99% and the Wisconsin state median of 1.58%. With a median home value of $270,206 in Random Lake, the typical annual property tax bill amounts to $2,481, falling below the national median of $2,690. Property taxes here are calculated based on the assessed value, which often is less than the market value due to exemptions such as those for primary residences and agricultural properties. Grasping the property tax system in Random Lake, exploring available exemptions, and uncovering opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Random Lake or elsewhere in Washington County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Random Lake, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$2,486
Ownwell’s Random Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Random Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Random Lake 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 Random Lake, Wisconsin
Property taxes in Random Lake, Wisconsin, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Random Lake is 0.92%, slightly lower than the U.S. national median of 0.99%. Local government entities within Random Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Random Lake 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 Random Lake's effective property tax rate to other areas in Wisconsin and the national median. For comparison, the zip code 53075 has both the highest and lowest median property tax rate of 0.92%. Understanding how these areas compare with Random Lake provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Random Lake Tax Rate
0.92%
Average Washington County Tax Rate
1.22%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Random Lake, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53075 | 0.92% | 0.92% | 0.92% | 0.92% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Random Lake, Wisconsin
In Random Lake, 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 Washington 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 Random Lake, 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 Random Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 53075 has both the highest and lowest median tax bill, valued at $2,481, compared to the national median property tax rate of 0.99%.
Average Random Lake Assessed Value
$270,206
Average Washington County Assessed Value
$284,190
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Random Lake, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53075 | $241,400 | $245,002 | $270,206 | $298,863 | $308,678 |
Source: Ownwell
Property Tax Bills Across Random Lake, Wisconsin
In Random Lake, located in Washington 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 the area is $270,206. Homeowners can expect their tax bills to vary, with the 25th percentile tax bill at $2,248 and the 75th percentile tax bill at $2,745, while the 90th percentile tax bill reaches up to $2,835. These figures are influenced by factors such as property size, location, and improvements. The local tax rate in Random Lake is used to determine the final tax bill, which is applied to the assessed value of the property. This means that homeowners with higher-valued properties will generally face higher tax bills. The highest median tax bill recorded in the area is $2,481, which is consistent across the zip code 53075. Compared to the national median property tax rate of 0.99%, the tax bills in Random Lake reflect a localized approach to property taxation, impacting homeowners' annual financial planning.
Average Random Lake Tax Bill
$2,481
Average Washington County Tax Bill
$3,282
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Random Lake, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53075 | $2,215 | $2,248 | $2,481 | $2,745 | $2,835 |
Source: Ownwell