Stephenson, Michigan Property Taxes
The median property tax rate in Stephenson, MI is 0.30%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Stephenson at $75,600, the typical annual property tax bill is $220, well below the national median of $2,690. Property taxes in Stephenson are calculated based on the assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Stephenson'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 Stephenson or another part of Menominee County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Stephenson, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.3%
Estimate Property Tax Bill
$227
Ownwell’s Stephenson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Stephenson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Stephenson 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 Stephenson, Michigan
Property taxes in Stephenson, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Stephenson is 1.23%, significantly higher than both the Michigan state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Stephenson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stephenson 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 Stephenson'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 found in Menominee County at 1.54%, while the lowest median tax rate is 1.23%. Understanding how these cities compare with Stephenson 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 Stephenson Tax Rate
0.30%
Average Menominee County Tax Rate
0.31%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Stephenson, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49887 | 0.12% | 0.19% | 0.30% | 0.40% | 0.45% |
Source: Ownwell
Property Tax Assessment Values Across Stephenson, Michigan
In Stephenson, 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. In Stephenson, 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 Stephenson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Stephenson is $75,600, with tax bills ranging from $105 at the 25th percentile to $599 at the 90th percentile. The zip code 49887 has the highest and lowest median tax bill at $220.
Average Stephenson Assessed Value
$75,600
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 Stephenson, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49887 | $24,000 | $52,600 | $75,600 | $123,800 | $186,800 |
Source: Ownwell
Property Tax Bills Across Stephenson, Michigan
In Stephenson, Menominee County, MI, property tax bills are calculated based on the assessed value of the home, which in this region often aligns closely with the market value. The median home price in Stephenson is $75,600. The local property tax rate is applied to this assessed value to determine the tax bill. Factors such as property improvements, neighborhood changes, and local government budgets can influence the assessed value. For homeowners, this means their tax bills can vary significantly. For instance, the 25th percentile tax bill is around $105, while the 75th percentile tax bill reaches $380. At the 90th percentile, homeowners might see a bill as high as $599. The highest median tax bill in the area is $220, which is relatively modest compared to the national median property tax rate of 0.99%. This variability in tax bills can impact homeowners' financial planning and the overall affordability of owning a home in Stephenson.
Average Stephenson Tax Bill
$220
Average Menominee County Tax Bill
$274
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Stephenson, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49887 | $56 | $105 | $220 | $380 | $599 |
Source: Ownwell