Property taxes are a part of home ownership, and Barron County home buyers should check the annual tax obligation of any property that interests them. Dividing the annual tax bill by 12 gives you the monthly amount you will need to budget for property taxes.
Depending on your mortgage, your property taxes and homeowner’s insurance premium might be included in your monthly mortgage payment. Otherwise, you will need to set money aside to take care of these bills directly.
The annual tax bill shown on a listing is based on the assessment value of a year ago. Barron County assesses property values every year, and they are always playing “catch up” to the current market value. When a property is sold, the sales price will be considered by the assessor in the next annual review.
For example, if you buy a Chetek home for $270,000, and the home was previously assessed at $239,000, the next assessment will reflect the most recent sales price of $270,000. Which means the tax bill you receive a year from now may be higher. Keep this in mind when considering your home buying budget!
As a Barron County homeowner, you can find your tax assessment value increasing as homes in the area sell for higher amounts than the previous assessment levels. No matter where you live in Wisconsin, or in the U.S. for that matter, property tax bills are going to follow assessment values, which follow sales prices.
John Flor CRS, GRI, ABR, RSPS, RRS, e-PRO
Team Lead / Property Marketing Specialist
Six Lakes Realty powered by Keller Williams Realty Diversified
Office: (715) 924-4806