Black River, Michigan Property Taxes
The median property tax rate in Black River, MI is 0.92%, slightly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $118,200 in Black River, the typical annual property tax bill amounts to $878, which is significantly less than the national median of $2,690. Property taxes in Black River are calculated based on the tax assessed value, often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Black River's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Black River or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Black River, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$1,087
Ownwell’s Black River Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Black River. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Black River to provide an estimate of your property tax bill, helping you understand potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax calculations and includes any applicable exemptions. This tool ensures you have a clear understanding of your tax responsibilities in Black River.
Property Tax Rates Across Black River, Michigan
Property taxes in Black River, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Black River is 0.92%, slightly below the U.S. national median of 0.99%. Local government entities within Black River set these rates annually, and they can vary significantly across different neighborhoods. Each year, Black River estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Black River's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48721 zip code has both the highest and lowest median property tax rate of 0.92%. Understanding how these cities compare with Black River provides valuable insights into the varying tax landscape across Alcona County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Black River Tax Rate
0.92%
Average Alcona County Tax Rate
0.72%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Black River, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48721 | 0.43% | 0.49% | 0.92% | 1.17% | 1.32% |
Source: Ownwell
Property Tax Assessment Values Across Black River, Michigan
In Black River, Michigan, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Alcona County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Black River, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. The median home price in Black River is $118,200, with tax bills ranging from $500 at the 25th percentile to $2,934 at the 90th percentile. The zip code with the highest median tax bill is 48721, with a median tax bill of $878. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Black River helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Black River Assessed Value
$118,200
Average Alcona County Assessed Value
$114,600
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Black River, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48721 | $32,740 | $63,200 | $118,200 | $212,950 | $354,720 |
Source: Ownwell
Property Tax Bills Across Black River, Michigan
In Black River, property tax bills are calculated based on the assessed value of your home, which is a percentage of its market value. The median home price in Black River stands at $118,200. The local tax rate is applied to this assessed value to determine your annual tax bill. Homeowners in Black River can expect their tax bills to vary significantly. For instance, the tax bill at the 25th percentile is around $500, while at the 75th percentile, it rises to $1,692. At the higher end, the 90th percentile tax bill reaches $2,934. These variations in tax bills are influenced by multiple factors, including property location, home improvements, and local government budgets. Compared to the national median property tax rate of 0.99%, Black River's rates show a broad spectrum, reflecting the unique dynamics of the local real estate market. For homeowners, understanding these factors is crucial, as they directly impact annual financial planning and long-term investment decisions.
Average Black River Tax Bill
$878
Average Alcona County Tax Bill
$819
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Black River, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48721 | $262 | $500 | $878 | $1,692 | $2,934 |
Source: Ownwell