Wallace, Michigan Property Taxes
The median property tax rate in Wallace, MI is 0.30%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $125,700 in Wallace, the typical annual property tax bill amounts to $352, well below the national median of $2,690. Property taxes in Wallace 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. Understanding Wallace'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 Wallace 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
Wallace, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.3%
Estimate Property Tax Bill
$377
Ownwell’s Wallace Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wallace with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wallace 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 Wallace, Michigan
Property taxes in Wallace, Michigan, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wallace is 1.51%, significantly higher than both the Michigan state median of 1.31% and the U.S. national median of 0.99%. Local government entities within Wallace set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wallace 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 Wallace's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49858 zip code has the highest median property tax rate of 1.51%, while the 49893 zip code has the lowest median tax rate of 0.30%. Understanding how these cities compare with Wallace 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 Wallace 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 Wallace, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49893 | 0.17% | 0.24% | 0.30% | 0.39% | 0.42% |
Source: Ownwell
Property Tax Assessment Values Across Wallace, Michigan
In Wallace, 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 Wallace, 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 Wallace 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 $352, found in the 49893 zip code.
Average Wallace Assessed Value
$125,700
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 Wallace, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49893 | $47,580 | $80,250 | $125,700 | $170,400 | $226,800 |
Source: Ownwell
Property Tax Bills Across Wallace, Michigan
In Wallace, located in Menominee County, MI, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in Wallace is $125,700, and the property tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions or deductions. For homeowners, property taxes can significantly impact their annual expenses. In Wallace, tax bills vary widely, with the 25th percentile at $225 and the 75th percentile at $527. The 90th percentile reaches up to $729, indicating higher tax burdens for more valuable properties. The highest median tax bill in the area is $352, found in the 49893 zip code. Comparing these figures to the national median property tax rate of 0.99%, Wallace's property taxes can be seen as relatively moderate, providing a balanced environment for homeowners while contributing to local public services and infrastructure.
Average Wallace Tax Bill
$352
Average Menominee County Tax Bill
$274
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Wallace, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49893 | $125 | $225 | $352 | $527 | $729 |
Source: Ownwell