Ramsay, Michigan Property Taxes
The median property tax rate in Ramsay, MI is 0.71%, which is considerably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Ramsay at $44,410, the typical annual property tax bill reaches $420, significantly below the national median of $2,690. Property taxes in Ramsay 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 Ramsay'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 Ramsay 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
Ramsay, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$315
Ownwell’s RAMSAY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in RAMSAY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in RAMSAY 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 Ramsay, Michigan
Property taxes in Ramsay, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ramsay is 1.55%, significantly higher than both the Michigan state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Ramsay set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ramsay 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 Ramsay's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49959 zip code has the highest median property tax rate of 1.55%, while the same zip code also has the lowest median tax rate of 1.55%. Understanding how these cities compare with Ramsay 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 Ramsay Tax Rate
0.71%
Average Gogebic County Tax Rate
1.50%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ramsay, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49959 | 0.61% | 0.62% | 0.71% | 1.21% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Ramsay, Michigan
In Ramsay, 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. 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 Ramsay helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Ramsay are both $420, found in the 49959 zip code.
Average Ramsay Assessed Value
$44,410
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 Ramsay, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49959 | $17,956 | $36,888 | $44,410 | $57,672 | $84,180 |
Source: Ownwell
Property Tax Bills Across Ramsay, Michigan
In Ramsay, located in Gogebic County, MI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Ramsay is $44,410, and the property tax rate is applied to this assessed value to determine the tax bill. Homeowners in Ramsay experience a range of property tax bills, with the 25th percentile paying around $286 annually, while those in the 75th percentile pay approximately $645. At the 90th percentile, property tax bills can reach up to $1,227. Several factors influence the tax bill, including property size, location, and any applicable exemptions. For instance, properties in the 49959 zip code have a median tax bill of $420, which is consistent across different homes. Compared to the national median property tax rate of 0.99%, Ramsay's rates can be considered relatively moderate. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for Ramsay residents.
Average Ramsay Tax Bill
$420
Average Gogebic County Tax Bill
$965
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Ramsay, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49959 | $264 | $286 | $420 | $645 | $1,227 |
Source: Ownwell