Limestone, Michigan Property Taxes
The median property tax rate in Limestone, MI is 0.70%, significantly lower than both the national median of 0.99% and Michigan's state median of 1.07%. With the median home value in Limestone at $95,900, the typical annual property tax bill amounts to $688, which is well below the national median of $2,690. Property taxes in Limestone are determined based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Limestone's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Limestone 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
Limestone, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$671
Ownwell’s Limestone Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Limestone. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Limestone to provide an accurate estimate of your property tax bill. This user-friendly tool helps you understand potential tax liabilities with ease. For those interested in more detailed insights, you can explore trends at the neighborhood level by scrolling down. Your property’s assessed value is determined by the county for tax calculations and includes any applicable exemptions, ensuring you get a precise estimate tailored to your property.
Property Tax Rates Across Limestone, Michigan
Property taxes in Limestone, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Limestone is 1.51%, higher than both the Michigan state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Limestone set these rates annually, and they can vary significantly across different neighborhoods. Each year, Limestone 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 Limestone's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49816 zip code has the highest median property tax rate of 1.51%, while the 49816 zip code also has the lowest median tax rate of 1.51%. Understanding how these cities compare with Limestone provides valuable insights into the varying tax landscape across Alger County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Limestone Tax Rate
0.70%
Average Alger County Tax Rate
0.75%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Limestone, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49816 | 0.47% | 0.57% | 0.70% | 0.77% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Limestone, Michigan
In Limestone, 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 Alger 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. 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. For example, in Limestone, the median home price is $95,900. The 25th percentile tax bill is $230, while the 75th percentile tax bill is $804, and the 90th percentile tax bill is $1,462. The highest and lowest median tax bills both amount to $688 in zip code 49816. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Limestone Assessed Value
$95,900
Average Alger County Assessed Value
$94,600
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Limestone, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49816 | $28,400 | $31,450 | $95,900 | $149,250 | $179,780 |
Source: Ownwell
Property Tax Bills Across Limestone, Michigan
In Limestone, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is typically a percentage of the market value. For homeowners in Limestone, the median home price is $95,900. Property tax bills can vary significantly, with the 25th percentile tax bill at $230 and the 75th percentile reaching $804. At the 90th percentile, homeowners might see tax bills as high as $1,462. Several factors influence these variations, including property size, location, and any applicable exemptions. The highest median tax bill in the area is $688, found in the 49816 zip code. These property taxes fund essential local services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Homeowners should be aware of these factors to better understand their property tax obligations and how they compare to the national median property tax rate of 0.99%.
Average Limestone Tax Bill
$688
Average Alger County Tax Bill
$783
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Limestone, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49816 | $208 | $230 | $688 | $804 | $1,462 |
Source: Ownwell