Since 2010, Wisconsin property tax rates dropped by about $119. However, the average 2016 Milwaukee property tax rate is about 2.24 percent of the property value. This is higher than the state average of 1.76 percent. These figures are based on fair market value of personal real estate.
Milwaukee Tax Rate Overview
City of Milwaukee property taxes on a $225,000 home were estimated at $5,681 in 2011. On the contrary, the nearby city of Brookfield would have been approximately $4,052 for a home of the same value. Other than that, tax rates in the City of Milwaukee vary greatly. For instance, West Milwaukee had taxed residents at a rate of about $29.17 per $1,000.
On the contrary, the nearby Town of Waukesha experienced tax rates as low as approximately $13.10 per $1,000. The exact year of some of the numbers for West Milwaukee and Waukesha is unspecified on Discover Milwaukee. However, the data is more than likely from 2011 to the present because that is the statistical timeline given for the City of Milwaukee on the site.
What’s the Milwaukee property tax outlook for 2016?
Wisconsin legislation was passed in 2011 as a way to control rising property taxes. However, rates in every location are different. The net tax rate has fluctuated quite a bit in Milwaukee, and it has dropped from an estimated 30.62 to 29.36 per $1,000 of assessed value from 2013-2014 to 2015-2016.
Backing up to 2011, net tax rates were only 26.9 per $1,000. However, the percentage of property value assessed was 100% this year. As of 2015-2016, this assessment value ratio has been reduced to 96.79 percent. The most current assessment percentage is only about a point more than during the 2014-2015 season.
Right now, it might be too early to tell what Milwaukee property tax rates will be during the 2016-2017 season. Â If rates were to increase, it would most likely be because the economy is improving and home values are rising.
How does Milwaukee tax rates stack up against other cities?
Milwaukee County, the largest city in Wisconsin (population 599,642), has one of the highest tax percentage rates in the state. In fact, the current 2015-2016 of 2.2 percent is up from the 1.96 percent it was the previous year. However, the Wisconsin laws that were passed governing property taxes have helped govern the expense assigned to homeowners.
The initiative to find a way to reduce Milwaukee property tax burdens has resulted in greater local freedom to set budgets. Each municipality decides how much money they will need to spend on different community programs. For instance, some cities might have an interest in creating more walking paths. Otherwise, they want to use the tax money to improve school lunch programs.
The differing of expenses is what determines how much each city will charge their residents. This involves a complex list of variables unique to each district. However, an overall comparison of the five most populous cities in Wisconsin will give you an idea of how much you would pay in certain locations. The four other cities besides Milwaukee are briefly compared and contrasted below.
Madison – This is the second largest city in Wisconsin with a population of 245,691 as of 2014. A recently-calculated 2015-2016 property tax rate indicated a 5.2 percent increase from 2014. The city average home value percentage rate of property taxes is approximately 1.8 percent as of February 2016. The average tax amount is approximately $4, 149, which is a percentage of the median home value of approximately $230,800 during this period.
Green Bay – With a population of 104,891, this third-largest WI city’s public school district uses about 44 percent of the total taxes collected. This city is in Brown County, and it charges about 1.82 percent of home values for 2016. This is an amount of approximately $2,900 on an estimated median home value of $159, 100. This is comparable to Madison in Dane County but much higher than Iron County, which the location with the lowest rate in the state (estimated 1.42 percent).
Kenosha – With a population of about 99,894 in 2014, it is the fourth most populous city in the state. Its 2016 tax rates are currently at approximately 1.93 percent, which is one of the highest in the state right now. Previously, this location had a rate of approximately 2.19 percent. This is the third largest rate of all 72 Wisconsin counties. The 2016 total tax is estimated as totaling $3,520 for a median home value of $172,400 in Kenosha County.
Racine – This fifth-largest city, which has a population of 78,065, has some of the highest rates in the state. However, this city’s property taxes are not usually as high as Milwaukee. The current average home value percentage rate is approximately 1.89 percent as of 2016, which is down from before the previous year. The amount for the median home value of $175, 700 is estimated to be $3,312.
2 Point Highlight
Since 2010, Wisconsin property tax rates dropped by about $119.
The net tax rate has fluctuated quite a bit in Milwaukee, and it has dropped from an estimated 30.62 to 29.36 per $1,000 of assessed value from 2013-2014 to 2015-2016
