Menominee, Michigan Property Taxes
The median property tax rate in Menominee, MI is 0.32%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Menominee at $95,600, the typical annual property tax bill is $299, well below the national median of $2,690. Property taxes in Menominee are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Menominee'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 Menominee 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
Menominee, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.32%
Estimate Property Tax Bill
$306
Ownwell’s Menominee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Menominee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Menominee 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 Menominee, Michigan
Property taxes in Menominee, Michigan, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Menominee is 0.32%, lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Menominee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Menominee 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 Menominee's effective property tax rate to other counties in Michigan and the national median. For comparison, the highest median property tax rate in Michigan can be found in Wayne County, while the lowest is in Luce County. Understanding how these areas compare with Menominee 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 Menominee Tax Rate
0.32%
Average Menominee County Tax Rate
0.31%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Menominee, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49858 | 0.20% | 0.25% | 0.32% | 0.38% | 0.44% |
Source: Ownwell
Property Tax Assessment Values Across Menominee, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Menominee, MI. 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 local 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 Menominee, 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 Menominee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $299, specifically in the 49858 zip code.
Average Menominee Assessed Value
$95,600
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 Menominee, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49858 | $49,100 | $69,600 | $95,600 | $147,400 | $226,400 |
Source: Ownwell
Property Tax Bills Across Menominee, Michigan
Property tax bills in Menominee, MI, are calculated based on the assessed value of a property, which is determined by the local assessor. This assessed value is a percentage of the property's market value, reflecting its worth in the current real estate market. In Menominee, the median home price is $95,600. The local tax rate is then applied to the assessed value to determine the annual property tax bill. For homeowners in Menominee, property tax bills can vary significantly. At the 25th percentile, the tax bill is $199, while at the 75th percentile, it rises to $461. At the 90th percentile, homeowners can expect to pay $731 annually. This variability is influenced by factors such as property location, improvements, and changes in the market value. The highest and lowest median tax bills in Menominee are both $299, which is below the national median property tax rate of 0.99%. This relatively low tax burden can make homeownership more affordable for residents.
Average Menominee Tax Bill
$299
Average Menominee County Tax Bill
$274
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Menominee, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49858 | $132 | $199 | $299 | $461 | $731 |
Source: Ownwell