Toivola, Michigan Property Taxes
The median property tax rate in Toivola, MI is 1.09%, slightly higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Toivola at $72,680, the typical annual property tax bill amounts to $817, which is below the national median of $2,690. Property taxes in Toivola are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Toivola'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 Toivola 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
Toivola, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$792
Ownwell’s Toivola Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Toivola with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Toivola 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 Toivola, Michigan
Property taxes in Toivola, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Toivola is 1.09%, significantly higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Toivola set these rates annually, and they can vary significantly across different neighborhoods. Each year, Toivola 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 Toivola's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49965 zip code has the highest median property tax rate of 1.09%, while the same zip code also has the lowest median tax rate of 1.09%. Understanding how these cities compare with Toivola provides valuable insights into the varying tax landscape across Ontonagon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Toivola Tax Rate
1.09%
Average Ontonagon County Tax Rate
0.86%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Toivola, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49965 | 0.50% | 0.67% | 1.09% | 1.69% | 2.06% |
Source: Ownwell
Property Tax Assessment Values Across Toivola, Michigan
In Toivola, 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 Ontonagon 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 Toivola, 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 Toivola helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Toivola, the median home price is $72,680, with tax bills varying significantly. The 25th percentile tax bill is $428, while the 75th percentile tax bill is $1,385, and the 90th percentile tax bill reaches $2,713. Notably, the highest and lowest median tax bills are both $817 in the 49965 zip code.
Average Toivola Assessed Value
$72,680
Average Ontonagon County Assessed Value
$68,300
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Toivola, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49965 | $26,478 | $41,605 | $72,680 | $164,710 | $301,818 |
Source: Ownwell
Property Tax Bills Across Toivola, Michigan
In Toivola, MI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in the area is $72,680. The property tax rate in Toivola is influenced by the rates set by Ontonagon County, local municipalities, and school districts. Homeowners in Toivola can expect their tax bills to vary significantly depending on the value of their property and the specific tax rate applied. For instance, tax bills at the 25th percentile are around $428, while those at the 75th percentile reach approximately $1,385. At the 90th percentile, tax bills can go as high as $2,713. The highest and lowest median tax bills in the area both stand at $817, highlighting some consistency within certain brackets. Compared to the national median property tax rate of 0.99%, Toivola's property tax rates can be considered relatively moderate. These tax bills significantly impact homeowners, influencing their overall housing costs and financial planning.
Average Toivola Tax Bill
$817
Average Ontonagon County Tax Bill
$577
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Toivola, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49965 | $290 | $428 | $817 | $1,385 | $2,713 |
Source: Ownwell