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Oversight agency, the Wisconsin Department of Revenue. As described above, property taxes are calculated based on the tax rate multiplied by the assessed value of the property. The tax rate is a function of the property tax levy divided by the total taxable property in the city.
Equalized Value: This is calculated by dividing the property's total assessed value by the average assessment ratio. This ratio is applied to all property, including personal property, regardless of type or location of the property.
Located west of Milwaukee, Dane County is home to the Wisconsin state capital, Madison. In dollar terms, homeowners in Dane County pay some of the highest property taxes of any county in Wisconsin. The median annual property tax paid by Dane County's homeowners is $5,853, by far the highest in the state.
The report shows Wisconsin's total statewide equalized property value as of January 1, 2023, was $842 billion, a 13% increase over the prior year. This is the second consecutive year showing a double-digit statewide increase. Growth occurred in all property classes and was led by residential and manufacturing property.
An applicant must be 65 years of age or older on the date of applica- tion, or a qualifying veteran of any age. Any co- owner must be at least 60 years of age on the date of application. If married, the applicant's spouse must qualify as a co-owner.
The meaning of 'equivalent' generally refers to two numbers, expressions, or quantities with the same value. There are many ways to express an equivalent quantity ? it can be denoted either by a bar or an equivalent symbol.
This is the dollar value placed on a parcel of property by the Assessor's Office. It is computed by analyzing thousands of individual sale transactions, hundreds of inspections and a thorough study of all Superior neighborhoods.