Toivola, Michigan Property Taxes
The median property tax rate in Toivola, MI is 0.73%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $114,522 in Toivola, the typical annual property tax bill amounts to $834, which is well below the national median of $2,690. Property taxes in Toivola are calculated based on the tax assessed value, generally lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Toivola's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Toivola or another part of Houghton County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Toivola, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$836
Ownwell’s Toivola Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Toivola with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Toivola to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is the value assigned by Houghton County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Toivola, Michigan
Property taxes in Toivola, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Toivola stands at 0.73%, which is below the U.S. national median of 0.99%. Local government entities within Toivola set these rates annually, and they can vary significantly across different neighborhoods. Each year, Toivola 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 Toivola's effective property tax rate to other areas in Houghton County and the national median. For comparison, the 49965 zip code has both the highest and lowest median property tax rate of 0.73%. Understanding how these cities compare with Toivola 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 Toivola Tax Rate
0.73%
Average Houghton County Tax Rate
0.94%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Toivola, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49965 | 0.26% | 0.43% | 0.73% | 1.29% | 1.62% |
Source: Ownwell
Property Tax Assessment Values Across Toivola, Michigan
In Toivola, 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 Toivola, 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 Toivola helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Toivola is $114,522. The highest median tax bill in the area is $834 in the zip code 49965, and the lowest is also $834 in the same zip code.
Average Toivola Assessed Value
$114,522
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 Toivola, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49965 | $32,938 | $69,680 | $114,522 | $187,729 | $284,338 |
Source: Ownwell
Property Tax Bills Across Toivola, Michigan
In Toivola, located in Houghton County, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This value is typically a percentage of the market value of the property. For instance, the median home price in Toivola is $114,522. The tax rate is then applied to this assessed value to determine the annual property tax bill. Factors that influence the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. Homeowners in Toivola can expect a wide range of property tax bills. At the 25th percentile, the tax bill is $348, while at the 75th percentile, it rises to $1,544. The top 10% of tax bills in the area can reach up to $2,736. Compared to the national median property tax rate of 0.99%, Toivola's property taxes can be considered relatively moderate, impacting homeowners' annual budgets and financial planning.
Average Toivola Tax Bill
$834
Average Houghton County Tax Bill
$879
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Toivola, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49965 | $158 | $348 | $834 | $1,544 | $2,736 |
Source: Ownwell