You can't talk about home ownership without talking about property taxes. In 2011, the property taxes on a $225,000 home in the city of Milwaukee totaled $5,681. In Brookfield, a home with the same value would be taxed at $4,052.
Property taxes are based on assessments of residential and commercial property conducted at regular intervals by the state and local governments. Under Wisconsin law, assessments must be conducted every four years. A property's assessed valuation must be between 90 percent and 110 percent of its current market value.
Tax rates vary greatly within the four-county metropolitan area. West Milwaukee has the highest tax rate at $29.17 per $1,000 of assessed valuation. The lowest tax rate is $13.10 per $1,000 assessed valuation, which is enjoyed by residents in the Town of Waukesha in Waukesha County.