Taxes are one aspect of home buying you hopefully have thought about before deciding where to live. Madison property tax rates vary slightly from some other Wisconsin cities. The  amount you pay depends upon home value and house address. Specific zoning assessments also affect your tax burden.
Statewide Statistics for Wisconsin
Property taxes for the state of Wisconsin reportedly declined by 2.3 percent in 2014-2015. According to the Wisconsin Taxpayers Alliance, this is the first drop since 1996-1997.
Statewide property tax burdens relative to personal income also dropped from 4.2 percent to 3.6 percent as of 2015. This is said to be the lowest WI tax rate reduction since 1996. As of 2016, the tax for this state is an average of 1.76 percent. Wisconsin legislation passed in 2013 is one primary reason for the lowered homeowner tax rates.
How much does Madison pay per year?
Madison is in Dane County, and you can expect to pay approximately 1.97 percent of home value according to data reported since 2013. To give you an idea, you would pay approximately $4925 on a $250,000 home. However, other factors besides home value do come into play. For instance, whether or not you have any children that you send to school could affect how much your tax will be.
The assessment area where the property sits and condition of the home might also matter. Of course, tax calculations are also different from year to year. For instance, the 2015 Madison property tax for a home on Sauthoff Road was more than $5,509. This was for a home valued at about $236,000, and this is about a 5.2 percent increase from 2014.
Before moving here, you might want to compare and contrast Madison property tax rates with some of the other large Wisconsin cities. If a house is located in a special assessment district, that could also affect the semi-annual payments made in January and July.
Madison versus other large metropolitan cities: Who pays more?
The amount paid in any city fluctuates from year to year. Most people seem to want to live in populous areas. Therefore, the following comparison and contrast is made between the four other largest cities besides Madison.
Milwaukee – This is a city with a population of approximately 599,642 as of 2014. It is the largest city in Wisconsin, and it is located in Milwaukee County. The 2015 property tax rate was 29.97 per $1,000 of assessed value, which is twice the U.S. national average. The average property tax rate in recent years was approximately 2.49 percent, and tax was calculated based on about 95 percent of a property’s total value. This is the highest rate of all five counties mentioned that have Wisconsin’s largest cities in them.
Green Bay –  As the third most populous city in Wisconsin, it is home to approximately 104,891 people as of 2014. It is located in Brown County. The 2014 tax rate was 22.00 per $1,000 of the assessed value, and this was about 4 percent lower than in 2013. Recent statistics state that this region pays about an average of 1.91 percent of the total home value. The public school district in this location uses about 44 percent of the total taxes collected. This county’s tax rate is comparable to Dane County’s rate and lower than that of Milwaukee County.
Kenosha – About 99,894 people have made this city their home by 2014. It is the fourth largest city in the state, and it is located in a county of the same name. Kenosha County tax rates are at about 2.19 percent, which is the third highest rate of all the 72 counties in WI. However, this percentage is not much higher than for Dane and Milwaukee counties.
Racine – In 2014, this city was home to about 78,065. It is the fifth largest city in WI, and it is located in a county bearing the same name. Racine County has a property tax rate of about 2.09 percent, which is comparable to the other five counties that are home to the most populous regions in the state. People in this city pay less than those living in Milwaukee, but this still is one of the highest rates in Wisconsin.
What does Wisconsin do with the property taxes it collects?
It depends on how much state aid is requested. For instance, school districts and municipal governments determine their own budgets. Then, they will set the property tax rates based on those needs. However, the state of Wisconsin has set limits on how much of a property tax burden can be placed on residents. A public referendum is then held in order to determine if a tax increase is necessary.
In any case, property tax money is typically used for fixing roads and sidewalks and funding school programs. Some communities might also request monies for seasonal outdoor park and recreation programs. In addition, cities like Madison often use the money to improve both indoor and outdoor air and water quality and provide eco-friendly transportation option.
2 Point Highlight
Taxes are one aspect of home buying you hopefully have thought about before deciding where to live.
Property taxes for the state of Wisconsin reportedly declined by 2.3 percent in 2014-2015.
