Mikado, Michigan Property Taxes
The median property tax rate in Mikado, MI is 0.52%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $99,800 in Mikado, the typical annual property tax bill amounts to $593, which is well below the national median of $2,690. Property taxes in Mikado are determined based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. By understanding Mikado's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're residing in the heart of Mikado or another area within Alcona County, having a grasp of the local property tax structure is crucial for optimizing financial benefits.
Last Updated June 14, 2024
Mikado, Michigan Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$2,140
Ownwell’s Mikado Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mikado with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mikado to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Mikado, Michigan
Property taxes in Mikado, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mikado is 0.52%, lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Mikado set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mikado 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 Mikado's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48745 zip code has both the highest and lowest median property tax rate of 0.52%. Understanding how these cities compare with Mikado 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 Mikado Tax Rate
0.52%
Average Alcona County Tax Rate
0.72%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mikado, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48745 | 0.40% | 0.43% | 0.52% | 1.08% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Mikado, Michigan
In Mikado, 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 Mikado, 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. 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 Mikado helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $593, found in the 48745 zip code, which also has the lowest median tax bill at $593.
Average Mikado Assessed Value
$99,800
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 Mikado, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48745 | $32,400 | $60,100 | $99,800 | $154,550 | $210,840 |
Source: Ownwell
Property Tax Bills Across Mikado, Michigan
Property tax bills in Mikado, Alcona County, MI are determined based on the assessed value of a property, which is a percentage of its market value. The median home price in Mikado is $99,800. Local tax authorities calculate the tax bill by applying the local tax rate to the assessed value. Factors such as property improvements, market trends, and neighborhood characteristics can influence the assessed value. For homeowners in Mikado, property tax bills can vary significantly. The 25th percentile tax bill is around $377, while the 75th percentile reaches $977. At the 90th percentile, tax bills can be as high as $1,498. The highest and lowest median tax bills in the area are both $593, which indicates a consistent tax rate across different properties. Compared to the national median property tax rate of 0.99%, Mikado's property taxes are relatively moderate. Understanding these factors helps homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Mikado Tax Bill
$593
Average Alcona County Tax Bill
$819
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Mikado, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48745 | $249 | $377 | $593 | $977 | $1,498 |
Source: Ownwell