Hermansville, Michigan Property Taxes
The median property tax rate in Hermansville, MI is 0.33%, significantly lower than both the national median of 0.99% and Michigan's state median of 1.07%. With the median home value in Hermansville, the typical annual property tax bill is $244, which is far below the national median of $2,690. Property taxes in Hermansville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hermansville'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 Hermansville 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
Hermansville, Michigan Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$2,140
Ownwell’s Hermansville Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Hermansville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hermansville to provide an estimated property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in more detailed trends at the neighborhood level, further localized information is available below. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Hermansville, Michigan
Property taxes in Hermansville, Michigan, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Hermansville is 0.33%, significantly lower than the Michigan state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Hermansville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hermansville 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 Hermansville'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 3.83%, while the lowest median tax rate is 0.33%. Understanding how these cities compare with Hermansville provides valuable insights into the varying tax landscape across Menominee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hermansville Tax Rate
0.33%
Average Menominee County Tax Rate
0.31%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hermansville, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49847 | 0.15% | 0.24% | 0.33% | 0.42% | 0.46% |
Source: Ownwell
Property Tax Assessment Values Across Hermansville, Michigan
In Hermansville, 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 Menominee 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. 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 Hermansville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Hermansville are both $244.00, found in the 49847 zip code.
Average Hermansville Assessed Value
$76,800
Average Menominee County Assessed Value
$92,200
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hermansville, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49847 | $34,000 | $53,800 | $76,800 | $118,450 | $157,900 |
Source: Ownwell
Property Tax Bills Across Hermansville, Michigan
In Hermansville, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. This assessed value is then multiplied by the local tax rate set by Menominee County. Homeowners in Hermansville experience a range of tax bills, with the 25th percentile at $145 and the 75th percentile at $391, reflecting the variation in property values and tax rates. The highest median tax bill in the area is $244, which is notably lower than the national median property tax rate of 0.99%. Several factors influence the tax bill, including property size, location, and improvements made to the home. For homeowners, these taxes fund essential public services such as schools, infrastructure, and emergency services. Understanding how these elements contribute to the overall tax bill helps homeowners budget more effectively and anticipate changes in their annual expenses.
Average Hermansville Tax Bill
$244
Average Menominee County Tax Bill
$274
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Hermansville, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49847 | $71 | $145 | $244 | $391 | $556 |
Source: Ownwell