Keith and Kinsey's Real Estate Update


Dane County Property Taxes

Property taxes are a big factor when purchasing a home. Your property taxes could be 35% or more of your mortgage payment. Even if you’re retired, debt free, and paying cash for a home, property taxes could be a significant chunk of your annual income.

We have heard comments from some buyers and sellers such as “I don’t want to live in Madison because the taxes are too high.” Or “I’d like to move outside of Dane County to have cheaper taxes.” Well, it turns out, that’s just not true.

Below is a chart showing property taxes in different communities based on a $200,000 home.  As you can see, some communities where people assume taxes are high, such as: Middleton, Madison, and Verona are actually some of the lowest taxes in the area. Communities just outside of Dane County, such as: Lodi, Beaver Dam, Cambridge, Evansville, and Arena actually have some of the higher tax rates. These smaller communities have less of a tax base to support their village infrastructure, and they have to get the money from somewhere.

I should point out though, typically the further you get from Madison, the lower the price for a similar home. Lower house price can definitely offset some of the tax expenses. Just make sure you don’t forget to factor in property taxes when you’re buying a home.

To look up tax data in your community click here.

Advertisements

1 Comment so far
Leave a comment




Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s



%d bloggers like this: