Norway, Michigan Property Taxes
The median property tax rate in Norway, MI is 1.47%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Norway, the typical annual property tax bill reaches $1,165, which is below the national median of $2,690. Property taxes in Norway 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 Norway'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 Norway or another part of Dickinson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Norway, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.47%
Estimate Property Tax Bill
$1,129
Ownwell’s Norway Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Norway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Norway 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 Norway, Michigan
Property taxes in Norway, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Norway is 1.47%, significantly higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Norway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Norway 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 Norway's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49870 zip code has the highest median property tax rate of 1.47%, while the same zip code has the lowest median tax rate of 1.47%. Understanding how these cities compare with Norway provides valuable insights into the varying tax landscape across Dickinson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Norway Tax Rate
1.47%
Average Dickinson County Tax Rate
1.46%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Norway, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49870 | 0.77% | 1.31% | 1.47% | 1.62% | 2.20% |
Source: Ownwell
Property Tax Assessment Values Across Norway, Michigan
In Norway, 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 Dickinson 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 Norway, 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, the median home price in Norway is $76,800, with tax bills ranging from $775 at the 25th percentile to $2,549 at the 90th percentile. Interestingly, the zip code 49870 has both the highest and lowest median tax bill, which is $1,165. 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 Norway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Norway Assessed Value
$76,800
Average Dickinson County Assessed Value
$85,400
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Norway, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49870 | $29,340 | $51,600 | $76,800 | $127,100 | $224,400 |
Source: Ownwell
Property Tax Bills Across Norway, Michigan
Property tax bills in Norway, located in Dickinson County, MI, are calculated based on the assessed value of a property, which is determined by local assessors. This assessed value is typically a percentage of the property's market value. The median home price in Norway is $76,800. Tax rates are applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property size, location, and improvements. For example, homes in the 25th percentile of tax bills pay around $775 annually, while those in the 75th percentile can see bills as high as $1,704. The tax bill for properties in the 90th percentile reaches up to $2,549. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting homeowners. Compared to the national median property tax rate of 0.99%, Norway's tax rates reflect the specific needs and budgetary requirements of the local community, ensuring that residents contribute fairly to the upkeep and development of their city.
Average Norway Tax Bill
$1,165
Average Dickinson County Tax Bill
$1,193
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Norway, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49870 | $440 | $775 | $1,165 | $1,704 | $2,549 |
Source: Ownwell