– Incorporated in 1952, the Village of Oconomowoc Lake was originally part of the Town of Oconomowoc and Town of Summit. Of its 3.30 square miles, 2 square miles are Oconomowoc Lake. It is essentially a village of lake property owners and a few other nearby neighborhoods. With less than a square mile of land, there are less than 1,000 residents and very few properties for sale at any given time. When you find one though, chances are it is a gem. Residents enjoy low taxes as well.