Marquette, Michigan Property Taxes
The median property tax rate in Marquette, MI is 0.60%, considerably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Marquette, the typical annual property tax bill reaches $772, significantly below the national median of $2,690. Property taxes in Marquette are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Marquette'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 Marquette 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
Marquette, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$760
Ownwell’s Marquette Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Marquette with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Marquette 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 Marquette, Michigan
Property taxes in Marquette, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marquette is 0.60%, lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Marquette set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marquette 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 Marquette's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49855 zip code has the highest median property tax rate of 0.60%, while the same zip code also has the lowest median tax rate of 0.60%. Understanding how these cities compare with Marquette provides valuable insights into the varying tax landscape across Alger County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marquette Tax Rate
0.60%
Average Alger County Tax Rate
0.75%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marquette, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49855 | 0.42% | 0.44% | 0.60% | 0.71% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Marquette, Michigan
In Marquette, 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 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 Marquette, 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 Marquette helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Marquette, the highest and lowest median tax bills are both $772, as observed in the 49855 zip code.
Average Marquette Assessed Value
$126,600
Average Alger County Assessed Value
$94,600
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Marquette, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49855 | $84,720 | $107,850 | $126,600 | $142,750 | $169,900 |
Source: Ownwell
Property Tax Bills Across Marquette, Michigan
In Marquette, MI, property tax bills are calculated based on the assessed value of a home, which is typically 50% of its market value. For instance, with a median home price of $126,600, the assessed value would be around $63,300. The local tax rate is then applied to this assessed value to determine the tax bill. Factors influencing the tax bill include the property's location, local government budget needs, and any applicable exemptions or deductions. Homeowners in Marquette can expect property tax bills to vary significantly. The 25th percentile tax bill is approximately $618, while the 75th percentile tax bill reaches around $997. At the 90th percentile, the tax bill can be as high as $1,019. Comparatively, these figures are influenced by the national median property tax rate of 0.99%, with local variations reflecting specific community needs and property values. Understanding these factors can help homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Marquette Tax Bill
$772
Average Alger County Tax Bill
$783
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Marquette, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49855 | $467 | $618 | $772 | $997 | $1,019 |
Source: Ownwell