Ironwood, Michigan Property Taxes
The median property tax rate in Ironwood, MI is 1.88%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Ironwood, the typical annual property tax bill reaches $891, which is lower than the national median of $2,690. Property taxes in Ironwood 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 Ironwood'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 Ironwood 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
Ironwood, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.88%
Estimate Property Tax Bill
$1,105
Ownwell’s Ironwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ironwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ironwood 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 Ironwood, Michigan
Property taxes in Ironwood, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ironwood is 1.88%, significantly higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Ironwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ironwood 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 Ironwood's effective property tax rate to other counties in Michigan and the national median. For comparison, the zip code 49938 has the highest median property tax rate of 1.88%, while the same zip code also has the lowest median tax rate of 1.88%. Understanding how these cities compare with Ironwood provides valuable insights into the varying tax landscape across Gogebic County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ironwood Tax Rate
1.88%
Average Gogebic County Tax Rate
1.50%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ironwood, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49938 | 1.05% | 1.58% | 1.88% | 2.31% | 2.68% |
Source: Ownwell
Property Tax Assessment Values Across Ironwood, Michigan
In Ironwood, 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 Gogebic 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 Ironwood, 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 Ironwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Ironwood are both $891, found in the zip code 49938.
Average Ironwood Assessed Value
$58,754
Average Gogebic County Assessed Value
$65,668
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ironwood, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49938 | $12,354 | $33,682 | $58,754 | $95,278 | $165,593 |
Source: Ownwell
Property Tax Bills Across Ironwood, Michigan
In Ironwood, located in Gogebic County, MI, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The city's median home price is $58,754, and the property tax rate is applied to this assessed value to determine the tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Ironwood can expect their tax bills to vary significantly; for example, the 25th percentile tax bill is $567, while the 75th percentile reaches $1,331. The 90th percentile tax bill can go up to $1,860. Compared to the national median property tax rate of 0.99%, Ironwood's rates can be quite competitive. For homeowners, understanding these factors is crucial as they directly impact annual financial obligations. The highest and lowest median tax bills in Ironwood are both recorded at $891 in the 49938 zip code, indicating a relatively stable tax environment within that area.
Average Ironwood Tax Bill
$891
Average Gogebic County Tax Bill
$965
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Ironwood, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49938 | $260 | $567 | $891 | $1,331 | $1,860 |
Source: Ownwell