Example of Milwaukee County Property Tax Calculation
Milwaukee County Property Tax is calculated based on the assessed value of the property. The assessed value is determined by the local government, and it considers the market value, location, and condition of the property.
To calculate the property tax, the assessed value is multiplied by the tax rate. The tax rate is determined by the local government and varies depending on the location and type of property.
For example, if a property in Milwaukee County has an assessed value of $200,000 and the tax rate is 2%, the property tax would be calculated as follows:
200,000 x 0.02 = $4,000
Therefore, the property tax for this property would be $4,000 per year.
It’s important to note that property taxes can change from year to year, based on changes in the assessed value or tax rate. Property owners in Milwaukee County should check with their local government to get the most updated information on property taxes.
If you want appeal your property tax assessment - contact your local tax assessor.
Milwaukee County Property Tax Rates
The Milwaukee County Property Tax rates for the year 2021 are as follows:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| General Property Tax | $22.54 |
| Technical College Tax | $1.38 |
| Milwaukee Public Schools Tax | $10.58 |
| Milwaukee Metropolitan Sewerage District Tax | $1.47 |
It is important to note that these rates may vary depending on the location and assessed value of the property. It is advisable to consult with a tax professional for personalized guidance on property tax matters.
Who sets property tax rates in Milwaukee County ?
Property Tax Rates in Milwaukee County
In Milwaukee County, property tax rates are set by the local government authorities. The tax rate is determined based on the property value assessed by the local assessor's office. Once the property value is determined, the local government authorities, including the county board, city council, school board, and other special districts, set the tax rate.
The tax rate for each property is calculated by multiplying the property value by the tax rate. The tax rate is expressed in dollars per $1,000 of assessed value. The tax rate varies each year, depending on the budgetary needs of the local government authorities.
Property owners receive an assessment notice from the local assessor's office in the first quarter of each year. Property owners have the right to appeal their property’s assessed value within a specific time frame. The appeal process is outlined in the assessment notice.
It is important to note that property taxes are due in two installments: January 31st and July 31st. If property taxes are not paid by the due date, interest and penalties may be applied.
In summary, the local government authorities in Milwaukee County set property tax rates, which are based on the assessed property value. Property owners have the right to appeal their assessed value, and property taxes are due in two installments each year.
Homestead exemptions in Milwaukee County ?
Below is a table with columns for exemption, eligibility, amount, and notes, containing information on various Homestead exemptions and deductions specific to Milwaukee County in Wisconsin.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Disabled Vet | Veteran | Varies by income | Must be honorably discharged veteran with a service-connected disability, or surviving spouse or child of a veteran who died on active duty or from a service-connected disability. Must provide proof of disability, military service, and income. |
| Elderly | Age 65 or older, or totally disabled | $24,680 | Must have lived in the residence for at least 10 years, and have an annual adjusted gross income of less than $24,680 for the prior year. |
| Landlord | Owner of a two- to four-unit residence | Varies by unit size | Must live in one of the units in the building as the primary residence. |
| Personal Prop | Owner of property on January 1st of tax year | Varies by property | Exempts a portion of the assessed value of a property from taxation. |
When is Milwaukee County Property Tax due ?
Milwaukee County Property Tax is typically due on January 31st of each year. However, if the due date falls on a weekend or holiday, the deadline will be extended to the next business day.
There are several payment methods available for Milwaukee County Property Tax. Here are the options:
| Payment Method | Details |
|---|---|
| Online | Property owners can pay their property taxes online using a credit or debit card, or an e-check. This service is available 24/7 and is convenient for those who prefer to pay from the comfort of their own homes. |
| By Mail | Property owners can mail in their property tax payments to the Milwaukee County Treasurer's Office. The address can be found on the tax bill. Payments must be postmarked by the due date to avoid penalties. |
| In Person | Property owners can pay their property taxes in person at the Milwaukee County Treasurer's Office or any participating bank. Cash, check, or money orders are accepted. |
| Drop Box | Property owners can drop off their property tax payments at one of the designated drop box locations throughout Milwaukee County. Payments must be dropped off by the due date to avoid penalties. |
It is important to note that late payments will result in penalties and interest charges. Property owners are encouraged to pay their taxes on time to avoid these fees. If a property owner is unable to pay their property taxes in full by the due date, they may be eligible for a payment plan. They will need to contact the Milwaukee County Treasurer's Office to discuss their options.
If you have more questions - contact your local tax collector.
How is Milwaukee County Property Tax penalty calculated ?
Milwaukee County calculates property tax penalties based on a specific formula. The penalty is calculated as a percentage of the unpaid taxes, with a minimum amount of $5. The formula for calculating the penalty is:
(Past Due Amount x Penalty Rate) / 365
The penalty rate is set by the state and varies depending on how long the taxes have been unpaid. Here is an example of how the penalty is calculated:
Let's say a property owner in Milwaukee County owes $5,000 in property taxes. The due date for the taxes was January 31st, but the property owner hasn't paid them yet. The penalty rate for taxes that are 1-30 days past due is 1.5%.
First, calculate the number of days past due: February 1st - January 31st = 1 day past due
Then, use the formula to calculate the penalty: (5000 x 0.015) / 365 = $2.05
So, the penalty for being 1 day past due on $5,000 in property taxes would be $2.05.
It's important to note that the penalty rate increases the longer the taxes remain unpaid. After 30 days, the penalty rate increases to 1.75%, and after 60 days it increases to 2.0%. Additionally, interest is charged on all unpaid taxes, including the penalty. This is why it's important to pay property taxes on time to avoid unnecessary fees and charges.
We recommend contacting the Milwaukee County Tax Office or a local tax professional for the most up-to-date and accurate information.