54554 Property Tax Rate

Property owners in ZIP code 54554 (Phelps, Wisconsin) pay a median of $2,081/year in property taxes on homes valued at $222,600. This translates to an effective tax rate of 0.93%, which is 33% below the Wisconsin state average of 1.40%.

The monthly property tax burden for a median-valued home in 54554 is approximately $173, which factors into escrow payments on mortgages. This ZIP code is located within Vilas County. This is $1,118 less than the Wisconsin average of $3,199/year.

Compared to similar ZIP codes in Wisconsin, 54554 has higher property taxes. ZIP codes with similar effective rates include 54819 (0.93%) and 54817 (0.94%).

In Phelps, property taxes represent approximately 3.6% of the median household income of $58,478, providing context for the relative tax burden on homeowners in this area.

Wisconsin reassesses annually without a state cap, but Vilas County's low effective rate reflects lower assessed values; your primary residence qualifies for the Homestead Credit — an income-based reduction saving $100–$350+ annually depending on household income. Apply for homestead credit with the Vilas County Assessor within 30 days of purchase to secure the reduction on your first tax bill. Request an assessment review from the Vilas County Assessor if your home's value increased sharply after purchase, especially important in vacation property markets where assessments can vary significantly.