Understanding Your Tax Bill

Property tax bills are generally issued by local municipalities in December. The information below explains the major sections of a Wisconsin property tax bill and how they relate to the School District of Elmbrook.

The example shown is a sample 2025 property tax bill created for illustration only. It is not tied to an actual property or taxpayer. Tax bills may look different depending on the municipality, but they generally contain similar information.

Understanding the School District Portion of Your Bill

The School District of Elmbrook’s mill rate is not displayed as a separate rate on the property tax bill. The bill instead shows the school district’s net tax amount as part of the taxing-jurisdiction table.

A mill rate represents the amount of property tax charged for every $1,000 of property value. Elmbrook uses a property’s total estimated fair market value, shown in Section B, when providing referendum tax-impact estimates.

Tax Bill Sections

A. Assessed Property Value

B. Estimated Fair Market Value

The estimated fair market value represents the municipality’s estimate of the property’s market value.

This section of the sample bill includes:

Estimated Fair Market Value of Land: $166,500
Estimated Fair Market Value of Improvements: $433,500
Total Estimated Fair Market Value: $600,000

Elmbrook uses the total estimated fair market value when providing examples of referendum tax impact. Residents should use this field when entering their property value into the District’s tax impact calculator.

Wisconsin property tax bills are required to display an estimated fair market value.

C. Average Assessment Ratio

D. Net Assessed Value Rate

The net assessed value rate is the combined tax rate applied to the property’s assessed value before applicable credits.

On this sample bill, the rate is:

13.42074 per $1,000 of assessed value

This is not Elmbrook’s school district mill rate. It represents the combined rate for all taxing jurisdictions included on the bill, such as the municipality, school district, county and technical college.

E. School Levy Tax Credit

The school levy tax credit is funded by the State of Wisconsin and applied directly to taxable property bills.

On this sample bill, school taxes are reduced by a school levy tax credit of $607.94.

The credit reduces the amount paid by the property owner but does not reduce the revenue received by the school district. The amount is based in part on the property’s assessed value compared with the municipality’s total assessed value.

F. Taxing Jurisdictions and Net Tax

This table shows the portions of the property tax bill associated with each taxing jurisdiction.

The sample bill lists:

City of Waukesha
Waukesha School
Waukesha County
Waukesha County Technical College

An actual bill for a property located within Elmbrook’s boundaries would identify the School District of Elmbrook on the school district line.

The table also compares:

Estimated state aid from the previous and current years
Net tax from the previous and current years
Percentage change in the net tax

The school district amount is only one part of the total property tax bill. Changes made by other taxing jurisdictions can cause the overall bill to increase or decrease independently of Elmbrook’s tax rate.

G. Estimated State Aid Allocated to the Tax District

The columns labeled Estimated State Aids Allocated Tax District show estimated state aid associated with each taxing jurisdiction.

For school districts, state aid is one of the revenue sources considered when determining how much must be collected through local property taxes.

Changes in state aid do not necessarily result in an equal change on an individual property tax bill. The final amount is also affected by the total tax levy, property values and how property value is distributed throughout the district.

H. Net Property Tax

I. Total Amount Due

J. Voter-Approved Temporary Tax Increases

The section titled Voter Approved Temporary Tax Increases provides information about temporary tax increases approved by voters.

The sample shows:

The taxing jurisdiction
The referendum or resolution identifier
Total additional taxes
Additional taxes applied to the individual property
The year the increase ends

On this sample bill, the additional school tax applied to the property is listed as $125.05, with the increase ending in 2029.

This section is provided for informational purposes. The exact wording and presentation on future bills may vary by municipality.

Elmbrook_Sample_Tax_Bill_Labeled_Editable (PDF)

School Property Tax Formula

(Estimated Fair Market Value ÷ $1,000) × School District Mill Rate − School Levy Tax Credit = Estimated School District Property Tax

Estimated Property Tax Impact Calculator

Enter your home’s property value (fair market value) below to estimate the annual tax impact of the proposed comprehensive referendum plan.

Current Home Value

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Important Property Tax Terms

Assessed Value

The value assigned to a property by the local municipal assessor for property tax purposes. It includes the assessed value of the land and any taxable buildings or improvements.

Assessment Ratio

A comparison between a municipality’s total assessed property value and its estimated fair market value.

Estimated Fair Market Value

An estimate of the amount a property could sell for under normal market conditions.

Equalized Value

The Wisconsin Department of Revenue’s estimate of the full market value of taxable property within a municipality or school district.
Equalized value allows property values across different municipalities to be compared using a consistent standard.

Improvements

Taxable buildings or structures located on the property. Improvements are generally listed separately from the value of the land.

Levy

The total amount of property tax revenue collected by a taxing jurisdiction.
The levy is the total amount collected. The tax rate determines how that levy is distributed among individual properties.

Mill Rate

The amount of property tax charged for each $1,000 of property value.
For example, a mill rate of $6.26 equals $6.26 in school property tax for every $1,000 of property value.

Net Assessed Value Rate

The combined property tax rate applied to a property’s assessed value before applicable credits.
This rate may include taxes from the municipality, school district, county, technical college and other taxing jurisdictions.

School Levy Tax Credit

A state-funded credit applied to taxable properties to reduce the property owner’s final tax bill.
The credit does not reduce the amount of revenue received by the school district.

First Dollar Credit

A state property tax credit applied to eligible real property containing an improvement, such as a house or commercial building.

Lottery and Gaming Credit

A state credit available for an eligible owner-occupied primary residence. The credit is funded through Wisconsin Lottery proceeds and certain gaming-related revenues.

Taxing Jurisdiction

A governmental entity authorized to levy property taxes.

Examples include:

A city, village or town
A county
A school district
A technical college district

Net Property Tax

The total property tax owed after applicable credits are applied, but before additional municipal fees or special charges that may appear elsewhere on the bill.