Tawas City, Michigan Property Taxes
The median property tax rate in Tawas City, MI is 1.34%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Tawas City at $206,900, the typical annual property tax bill reaches $2,378, which is below the national median of $2,690. Property taxes in Tawas City are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Tawas City'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 Tawas City or another part of Arenac County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tawas City, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.34%
Estimate Property Tax Bill
$2,772
Ownwell’s Tawas City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tawas City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tawas City 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 Tawas City, Michigan
Property taxes in Tawas City, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tawas City is 1.34%, significantly higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Tawas City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tawas City 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 Tawas City's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48763 zip code has both the highest and lowest median property tax rate of 1.34%. Understanding how these cities compare with Tawas City provides valuable insights into the varying tax landscape across Arenac County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tawas City Tax Rate
1.34%
Average Arenac County Tax Rate
1.29%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tawas City, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48763 | 0.82% | 0.91% | 1.34% | 1.59% | 1.71% |
Source: Ownwell
Property Tax Assessment Values Across Tawas City, Michigan
In Tawas City, 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 local assessing authority 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 Tawas City, 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 Tawas City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 48763, with a tax bill of $2,378.00.
Average Tawas City Assessed Value
$206,900
Average Arenac County Assessed Value
$100,000
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tawas City, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48763 | $38,600 | $81,300 | $206,900 | $335,100 | $491,100 |
Source: Ownwell
Property Tax Bills Across Tawas City, Michigan
In Tawas City, located in Arenac County, 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 a percentage of the market value of the property. Homeowners in Tawas City can expect their tax bills to vary significantly depending on various factors, including the property's location and its assessed value. For example, the median home price in Tawas City is $206,900. Property tax bills in this area range widely, with the 25th percentile tax bill at $980 and the 75th percentile tax bill at $4,433. At the 90th percentile, tax bills can go up to $6,154. The median property tax bill in the region is $2,378, which is higher than the national median property tax rate of 0.99%. These variations can significantly impact homeowners, influencing housing affordability and overall financial planning. Homeowners should be aware of these factors to better manage their property tax obligations.
Average Tawas City Tax Bill
$2,378
Average Arenac County Tax Bill
$1,273
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Tawas City, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48763 | $531 | $980 | $2,378 | $4,433 | $6,154 |
Source: Ownwell