Palmyra, Wisconsin Property Taxes
The median property tax rate in Palmyra, WI is 0.93%, slightly below the national median of 0.99% and significantly lower than the Wisconsin state median of 1.58%. With the median home value in Palmyra at $412,600, the typical annual property tax bill is $3,817, well above the national median of $2,690. Property taxes in Palmyra are calculated based on the tax assessed value, which generally falls below the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Palmyra'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 Palmyra or another part of Waukesha County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Palmyra, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$3,837
Ownwell’s Palmyra Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Palmyra with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Palmyra 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 Palmyra, Wisconsin
Property taxes in Palmyra, Wisconsin, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Palmyra is 0.93%, slightly below the U.S. national median of 0.99%. Local government entities within Palmyra set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palmyra 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 Palmyra's effective property tax rate to other areas in Wisconsin and the national median. For comparison, the 53156 zip code has both the highest and lowest median property tax rate of 0.93%, aligning with Palmyra. Understanding how these areas compare with Palmyra 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 Palmyra Tax Rate
0.93%
Average Waukesha County Tax Rate
1.34%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Palmyra, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53156 | 0.93% | 0.93% | 0.93% | 0.93% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Palmyra, Wisconsin
In Palmyra, 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 Palmyra, 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 Palmyra helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Palmyra is $412,600, with a median tax bill of $3,817. Interestingly, the zip code 53156 holds both the highest and lowest median tax bills at $3,817.
Average Palmyra Assessed Value
$412,600
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 Palmyra, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53156 | $412,600 | $412,600 | $412,600 | $412,600 | $412,600 |
Source: Ownwell
Property Tax Bills Across Palmyra, Wisconsin
In Palmyra, WI, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by local assessors who evaluate the property's market value. In Waukesha County, where Palmyra is located, the median home price stands at $412,600. The property tax rate is then applied to this assessed value to determine the annual tax bill. For homeowners in Palmyra, the median property tax bill is consistently $3,817, which is notably higher than the national median property tax bill, reflecting the relatively higher property values in this area. This tax bill can significantly impact homeowners by affecting their annual budget and long-term financial planning. Factors such as property improvements, market conditions, and changes in local tax rates can influence the assessed value and, consequently, the tax bill. Understanding these elements is crucial for homeowners to anticipate and manage their property tax obligations effectively.
Average Palmyra Tax Bill
$3,817
Average Waukesha County Tax Bill
$4,538
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Palmyra, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53156 | $3,817 | $3,817 | $3,817 | $3,817 | $3,817 |
Source: Ownwell