Amasa, Michigan Property Taxes
The median property tax rate in Amasa, MI is 0.50%, considerably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Amasa at $41,220, the typical annual property tax bill reaches $192, significantly below the national median of $2,690. Property taxes in Amasa 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 Amasa'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 Amasa 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
Amasa, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$206
Ownwell’s Amasa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Amasa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Amasa 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 Amasa, Michigan
Property taxes in Amasa, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Amasa is 0.50%, lower than both the Michigan state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Amasa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Amasa 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 Amasa's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49903 zip code has the highest median property tax rate of 0.50%, while the 49903 zip code also has the lowest median tax rate of 0.50%. Understanding how these cities compare with Amasa provides valuable insights into the varying tax landscape across Iron County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Amasa Tax Rate
0.50%
Average Iron County Tax Rate
0.75%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Amasa, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49903 | 0.25% | 0.38% | 0.50% | 0.62% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Amasa, Michigan
In Amasa, 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 Iron 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 Amasa, 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 Amasa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Amasa is $41,220, with the 25th percentile tax bill at $85 and the 75th percentile at $338. The highest and lowest median tax bill, both at $192, are found in zip code 49903.
Average Amasa Assessed Value
$41,220
Average Iron County Assessed Value
$75,910
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Amasa, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49903 | $7,660 | $21,700 | $41,220 | $69,540 | $122,380 |
Source: Ownwell
Property Tax Bills Across Amasa, Michigan
In Amasa, located in Iron County, MI, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The median home price in Amasa is $41,220. Property taxes are then levied based on the millage rates set by various taxing authorities, such as the county, city, and school districts. Homeowners in Amasa can expect a tax bill ranging from $85 at the 25th percentile to $673 at the 90th percentile, with the highest median tax bill recorded at $192 in the 49903 zip code. These tax bills are influenced by multiple factors, including the market value of the property, the local millage rate, and any applicable exemptions or deductions. For homeowners, understanding these elements is crucial as they directly impact annual expenses. Compared to the national median property tax rate of 0.99%, Amasa's property tax rates can be considered relatively moderate, providing some financial relief to its residents.
Average Amasa Tax Bill
$192
Average Iron County Tax Bill
$661
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Amasa, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49903 | $27 | $85 | $192 | $338 | $673 |
Source: Ownwell