Elm Grove, Wisconsin Property Taxes
The median property tax rate in Elm Grove, WI is 1.45%, higher than both the national median of 0.99% and the Wisconsin state median of 1.58%. With the median home value in Elm Grove at $495,100, the typical annual property tax bill reaches $7,170, significantly exceeding the national median of $2,690. Property taxes in Elm Grove 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 Elm Grove'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 Elm Grove 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
Elm Grove, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.45%
Estimate Property Tax Bill
$7,179
$6,662
Ownwell’s Elm Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elm Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elm Grove 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 Elm Grove, Wisconsin
Property taxes in Elm Grove, Wisconsin, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elm Grove is 1.45%, significantly higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Elm Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elm Grove 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 Elm Grove's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the highest and lowest median property tax rates in Waukesha County are both 1.45%, the same as Elm Grove's rate. Understanding how these cities compare with Elm Grove provides valuable insights into the varying tax landscape across Waukesha County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elm Grove Tax Rate
1.45%
Average Waukesha County Tax Rate
1.34%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elm Grove, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53122 | 1.45% | 1.45% | 1.45% | 1.45% | 1.45% |
Source: Ownwell
Property Tax Assessment Values Across Elm Grove, Wisconsin
In Elm Grove, 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 Waukesha 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 Elm Grove, 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 Elm Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Elm Grove's median home price is $495,100, with tax bills ranging widely, including a median tax bill of $7,170 in the 53122 zip code.
Average Elm Grove Assessed Value
$495,100
Average Waukesha County Assessed Value
$348,408
Average Wisconsin Assessed Value
$200,300
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elm Grove, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53122 | $249,420 | $364,300 | $495,100 | $632,400 | $832,400 |
Source: Ownwell
Property Tax Bills Across Elm Grove, Wisconsin
In Elm Grove, located in Waukesha County, WI, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is determined by the local assessor's office, which evaluates the market value of your property. This assessed value is then multiplied by the local tax rate to determine your annual property tax bill. For a median home price of $495,100, the property tax bill can vary significantly. Homeowners in the 25th percentile can expect to pay around $5,275, while those in the 75th percentile might see bills as high as $9,158. The 90th percentile tax bill can reach up to $12,055. These figures highlight the substantial impact property taxes can have on homeowners in Elm Grove. Comparatively, the national median property tax rate is 0.99%, making Elm Grove's property tax bills noticeably higher. This can affect homeowners' financial planning and overall cost of living, emphasizing the importance of understanding how property taxes are calculated and managed.
Average Elm Grove Tax Bill
$7,170
Average Waukesha County Tax Bill
$4,538
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Elm Grove, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53122 | $3,611 | $5,275 | $7,170 | $9,158 | $12,055 |
Source: Ownwell