Atlantic Mine, Michigan Property Taxes
The median property tax rate in Atlantic Mine, MI is 0.62%, notably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Atlantic Mine, the typical annual property tax bill is $842, significantly below the national median of $2,690. Property taxes in Atlantic Mine 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 Atlantic Mine'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 Atlantic Mine 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
Atlantic Mine, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$710
Ownwell’s Atlantic Mine Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Atlantic Mine with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Atlantic Mine 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 Atlantic Mine, Michigan
Property taxes in Atlantic Mine, Michigan, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Atlantic Mine is 0.62%, which is lower than both the Michigan state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Atlantic Mine set these rates annually, and they can vary significantly across different neighborhoods. Each year, Atlantic Mine 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 Atlantic Mine's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49905 zip code has the highest median property tax rate of 0.62%, while the same zip code also has the lowest median tax rate of 0.62%. Understanding how these cities compare with Atlantic Mine provides valuable insights into the varying tax landscape across Houghton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Atlantic Mine Tax Rate
0.62%
Average Houghton County Tax Rate
0.94%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Atlantic Mine, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49905 | 0.30% | 0.44% | 0.62% | 1.09% | 1.48% |
Source: Ownwell
Property Tax Assessment Values Across Atlantic Mine, Michigan
In Atlantic Mine, 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 Houghton 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 Atlantic Mine, 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 Atlantic Mine 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 49905, with a tax bill of $842, while the lowest median tax bill is also in zip code 49905, at $842.
Average Atlantic Mine Assessed Value
$114,554
Average Houghton County Assessed Value
$95,531
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Atlantic Mine, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49905 | $37,072 | $60,938 | $114,554 | $205,600 | $318,200 |
Source: Ownwell
Property Tax Bills Across Atlantic Mine, Michigan
In Atlantic Mine, MI, property tax bills are determined by assessing the market value of a home and applying the local tax rate to this value. The median home price in Atlantic Mine is $114,554, and property taxes are calculated based on this assessed value. The tax bill can vary significantly, with the 25th percentile being $457 and the 75th percentile reaching $1,384, showing a wide range in tax burdens depending on property values and exemptions. Several factors influence the tax bill, including the home's assessed value, local tax rates, and any applicable exemptions. These factors combine to determine the final tax amount homeowners are required to pay. For instance, the highest median tax bill in the area is $842, which is also the lowest median tax bill, indicating a consistent tax rate across the region. Comparatively, the national median property tax rate is 0.99%, and homeowners in Atlantic Mine may find their tax rates and bills to be relatively moderate. This system ensures that property taxes are equitably distributed based on property values, impacting homeowners by directly linking their tax obligations to the market value of their homes.
Average Atlantic Mine Tax Bill
$842
Average Houghton County Tax Bill
$879
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Atlantic Mine, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49905 | $234 | $457 | $842 | $1,384 | $2,065 |
Source: Ownwell