Summit, Wisconsin Property Taxes
The median property tax rate in Summit, WI is 1.25%, which is higher than the national median of 0.99% but lower than the Wisconsin state median of 1.58%. With a median home value of $132,200 in Summit, the typical annual property tax bill amounts to $1,653, falling below the national median of $2,690. Property taxes in Summit are calculated based on the assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Summit'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 Summit or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Summit, Wisconsin Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.25%
Estimate Property Tax Bill
$1,653
$1,533
Ownwell’s Summit Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Summit with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Summit 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 Summit, Wisconsin
Property taxes in Summit, Wisconsin, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Summit is 1.25%, which is higher than both the Wisconsin state median and the U.S. national median of 0.99%. Local government entities within Summit set these rates annually, and they can vary significantly across different neighborhoods. Each year, Summit 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 Summit's effective property tax rate to other areas in Wisconsin and the national median. For comparison, the 53066 zip code has the highest median property tax rate of 1.25%, while the same zip code also has the lowest median tax rate of 1.25%. Understanding how these cities compare with Summit 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 Summit Tax Rate
1.25%
Average Waukesha County Tax Rate
1.34%
Average Wisconsin Tax Rate
1.58%
Average United States Tax Rate
0.99%
Property Tax Rates Across Summit, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53066 | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Summit, Wisconsin
In Summit, 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 local 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 Summit, 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 Summit helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Summit, the zip code 53066 has the highest and lowest median tax bill of $1,653.
Average Summit Assessed Value
$132,200
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 Summit, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53066 | $132,200 | $132,200 | $132,200 | $444,250 | $504,220 |
Source: Ownwell
Property Tax Bills Across Summit, Wisconsin
In Summit, WI, property tax bills are calculated by multiplying the assessed value of the property by the local tax rate. The assessed value is determined by the local assessor and is meant to reflect the market value of the property. Factors such as property size, location, and improvements can influence this value. Summit falls within Waukesha County, where the median home price is $132,200. Homeowners in Summit can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is $1,653, while the 75th percentile tax bill is $5,554, and the 90th percentile tax bill reaches up to $6,304. This variability is due to differences in property values and the specific tax rates applied. Compared to the national median property tax rate of 0.99%, Summit homeowners may find their tax obligations higher, impacting their overall cost of homeownership. Understanding these factors can help homeowners anticipate and plan for their annual property tax expenses.
Average Summit Tax Bill
$1,653
Average Waukesha County Tax Bill
$4,538
Average Wisconsin Tax Bill
$3,346
Average United States Tax Bill
$2,690
Property Tax Bills Across Summit, Wisconsin
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53066 | $1,653 | $1,653 | $1,653 | $5,554 | $6,304 |
Source: Ownwell