Richfield, Wisconsin Property Taxes
The median property tax rate in Richfield, WI is 0.97%, slightly below the national median of 0.99% and significantly lower than Wisconsin's state median of 1.58%. With a median home value of $390,128 in Richfield, the typical annual property tax bill amounts to $4,010, which surpasses the national median of $2,690. Property taxes in Richfield are calculated based on the assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Richfield's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Richfield or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Richfield, Wisconsin Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.58%
Estimate Property Tax Bill
$3,160
Ownwell’s Richfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Richfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Richfield 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 Richfield, Wisconsin
Property taxes in Richfield, Wisconsin, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Richfield is 0.97%, slightly lower than the U.S. national median of 0.99%. Local government entities within Richfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richfield 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 Richfield's effective property tax rate to other areas and the national median. For comparison, the zip code 53076 in Washington County has the same median property tax rate of 0.97%. Understanding how these areas compare with Richfield 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 Richfield Tax Rate
0.97%
Average Washington County Tax Rate
1.22%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richfield, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53076 | 0.91% | 0.95% | 0.97% | 1.21% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Richfield, Wisconsin
In Richfield, 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 Richfield, 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 Richfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 53076, where the median tax bill is $4010.
Average Richfield Assessed Value
$390,128
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 Richfield, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53076 | $223,400 | $292,312 | $390,128 | $477,609 | $558,522 |
Source: Ownwell
Property Tax Bills Across Richfield, Wisconsin
In Richfield, Washington County, WI, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $390,128, homeowners can expect varying tax bills. The tax bill at the 25th percentile is $3,227, while at the 75th percentile, it rises to $4,968. For those in the 90th percentile, the tax bill can reach up to $6,365. These tax bills are influenced by factors such as local government budgets, school district funding needs, and public services. Compared to the national median property tax rate of 0.99%, Richfield homeowners experience a range of tax burdens. This variability in tax bills can significantly impact homeowners' financial planning, making it crucial for them to understand how their property taxes are calculated and what they are funding.
Average Richfield Tax Bill
$4,010
Average Washington County Tax Bill
$3,282
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Richfield, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53076 | $2,285 | $3,227 | $4,010 | $4,968 | $6,365 |
Source: Ownwell