Oconomowoc, Wisconsin Property Taxes
The median property tax rate in Oconomowoc, WI, is 1.49%, which is considerably higher than both the national median of 0.99% and the Wisconsin state median of 1.58%. With the median home value in Oconomowoc being $396,100, the typical annual property tax bill reaches $5,405, exceeding the national median of $2,690. Property taxes in Oconomowoc 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 Oconomowoc'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 Oconomowoc 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
Oconomowoc, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.49%
Estimate Property Tax Bill
$5,902
$5,477
Ownwell’s Oconomowoc Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oconomowoc with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oconomowoc 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 Oconomowoc, Wisconsin
Property taxes in Oconomowoc, Wisconsin, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oconomowoc is 1.49%, significantly higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Oconomowoc set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oconomowoc 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 Oconomowoc's effective property tax rate to other counties in Wisconsin and the national median. For comparison, the 53066 zip code has the highest median property tax rate of 1.49%, while the same zip code also has the lowest median tax rate of 1.49%. Understanding how these cities compare with Oconomowoc 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 Oconomowoc Tax Rate
1.49%
Average Waukesha County Tax Rate
1.34%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oconomowoc, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53066 | 1.18% | 1.24% | 1.49% | 1.51% | 1.51% |
Source: Ownwell
Property Tax Assessment Values Across Oconomowoc, Wisconsin
In Oconomowoc, 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 Oconomowoc, 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 Oconomowoc helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $396,100, with the highest and lowest median tax bills both at $5,405 in the 53066 zip code.
Average Oconomowoc Assessed Value
$396,100
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 Oconomowoc, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53066 | $232,600 | $294,000 | $396,100 | $540,000 | $906,900 |
Source: Ownwell
Property Tax Bills Across Oconomowoc, Wisconsin
In Oconomowoc, located in Waukesha County, WI, property tax bills are determined based on the assessed value of the property and the local tax rate. The median home price in Oconomowoc is $396,100, and the property tax rate is applied to this assessed value to calculate the annual tax bill. Factors influencing the tax bill include the property's market value, any applicable exemptions, and the specific tax rate set by local government entities. Homeowners in Oconomowoc can expect varying tax bills depending on their property values. For instance, the 25th percentile tax bill is $4,019, while the 75th percentile tax bill reaches $7,323. At the 90th percentile, homeowners could see tax bills as high as $11,359. The median tax bill for the area stands at $5,405, which is significantly higher than the national median property tax rate of 0.99%. This higher tax rate can impact homeowners by increasing their annual expenses, making it essential for them to budget accordingly and explore potential exemptions to alleviate the financial burden.
Average Oconomowoc Tax Bill
$5,405
Average Waukesha County Tax Bill
$4,538
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Oconomowoc, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53066 | $3,234 | $4,019 | $5,405 | $7,323 | $11,359 |
Source: Ownwell