Gwinn, Michigan Property Taxes
The median property tax rate in Gwinn, MI is 0.56%, considerably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Gwinn, the typical annual property tax bill reaches $590, significantly below the national median of $2,690. Property taxes in Gwinn are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Gwinn'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 Gwinn 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
Gwinn, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$603
Ownwell’s GWINN Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in GWINN with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in GWINN 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 Gwinn, Michigan
Property taxes in Gwinn, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gwinn is 0.56%, which is lower than the U.S. national median of 0.99%. Local government entities within Gwinn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gwinn 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 Gwinn's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49841 zip code has both the highest and lowest median property tax rate of 0.56%. Understanding how these cities compare with Gwinn 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 Gwinn Tax Rate
0.56%
Average Marquette County Tax Rate
0.46%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gwinn, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49841 | 0.36% | 0.46% | 0.56% | 0.66% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Gwinn, Michigan
In Gwinn, 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 Gwinn, 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. Notably, the median home price in Gwinn is $107,600. The median tax bill varies significantly, with the 25th percentile at $319 and the 75th percentile at $1008. The highest median tax bill is $590 in the 49841 zip code, which also has the lowest median tax bill of $590. 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 Gwinn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gwinn Assessed Value
$107,600
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 Gwinn, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49841 | $38,400 | $65,600 | $107,600 | $179,850 | $264,180 |
Source: Ownwell
Property Tax Bills Across Gwinn, Michigan
In Gwinn, located in Marquette County, MI, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is determined by the local tax assessor and is typically a percentage of the property's market value. For instance, with a median home price of $107,600, the property tax rate in Gwinn is applied to this assessed value to determine the annual tax bill. Homeowners in Gwinn can expect their tax bills to vary significantly. The tax bill at the 25th percentile is around $319, while at the 75th percentile, it rises to approximately $1,008. At the 90th percentile, homeowners may see tax bills as high as $1,524. These variations are influenced by factors such as property size, location, and any improvements made to the property. Compared to the national median property tax rate of 0.99%, Gwinn's property tax rates can be considered moderate. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Gwinn Tax Bill
$590
Average Marquette County Tax Bill
$725
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Gwinn, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49841 | $166 | $319 | $590 | $1,008 | $1,524 |
Source: Ownwell