Big Bay, Michigan Property Taxes
The median property tax rate in Big Bay, MI is 0.36%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $201,800 in Big Bay, the typical annual property tax bill is $735, which is well below the national median of $2,690. Property taxes in Big Bay are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Gaining a thorough understanding of Big Bay'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 Big Bay or another part of Marquette County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Big Bay, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.36%
Estimate Property Tax Bill
$726
Ownwell's BIG BAY Property Tax Bill Calculator is a valuable resource for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in BIG BAY. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in BIG BAY to provide an accurate estimate of your property tax bill. This tool is designed to help you understand your potential tax liabilities better. For those interested in more detailed insights at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by Marquette County, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Big Bay, Michigan
Property taxes in Big Bay, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Big Bay is 1.54%, significantly higher than both the Michigan state median of 1.31% and the U.S. national median of 0.99%. Local government entities within Big Bay set these rates annually, and they can vary significantly across different neighborhoods. Each year, Big Bay 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 Big Bay's effective property tax rate to other counties in Michigan and the national median. For comparison, the highest median property tax rate in Michigan is 2.07%, while the lowest median tax rate is 0.87%. Understanding how these cities compare with Big Bay provides valuable insights into the varying tax landscape across Marquette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Big Bay Tax Rate
0.36%
Average Marquette County Tax Rate
0.46%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Big Bay, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49808 | 0.21% | 0.27% | 0.36% | 0.45% | 0.49% |
Source: Ownwell
Property Tax Assessment Values Across Big Bay, Michigan
In BIG BAY, 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 Marquette 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 BIG BAY, 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 BIG BAY helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in BIG BAY is $201,800, with tax bills ranging from $326 at the 25th percentile to $2,006 at the 90th percentile. The highest and lowest median tax bills both stand at $735 in the 49808 zip code.
Average Big Bay Assessed Value
$201,800
Average Marquette County Assessed Value
$155,200
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Big Bay, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49808 | $64,580 | $105,350 | $201,800 | $314,300 | $505,020 |
Source: Ownwell
Property Tax Bills Across Big Bay, Michigan
In Big Bay, MI, property tax bills are calculated based on the assessed value of the home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual property tax bill. For instance, with a median home price of $201,800 in Marquette County, homeowners can expect varying tax bills depending on the assessed value of their property and the applicable tax rate. Factors such as property location, size, and improvements can influence the assessed value, leading to different tax bills. In Big Bay, the 25th percentile tax bill is $326, while the 75th percentile reaches $1,210, and the 90th percentile soars to $2,006. Comparing these figures to the national median property tax rate of 0.99%, Big Bay offers a range of tax burdens that can impact homeowners differently. Understanding these factors is crucial for homeowners to anticipate their financial obligations and plan accordingly.
Average Big Bay Tax Bill
$735
Average Marquette County Tax Bill
$725
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Big Bay, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49808 | $176 | $326 | $735 | $1,210 | $2,006 |
Source: Ownwell