Herron, Michigan Property Taxes
The median property tax rate in Herron, MI is 0.41%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $123,400 in Herron, the typical annual property tax bill is $492, well below the national median of $2,690. Property taxes in Herron are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Herron'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 Herron or another part of Alpena County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Herron, Michigan Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$2,140
Ownwell’s Herron Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Herron with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Herron 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 Herron, Michigan
Property taxes in Herron, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Herron is 0.41%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Herron set these rates annually, and they can vary significantly across different neighborhoods. Each year, Herron 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 Herron's effective property tax rate to other areas in Alpena County and the national median. For comparison, the zip code 49744 has the highest median property tax rate of 0.41%, while the same zip code also has the lowest median tax rate of 0.41%. Understanding how these areas compare with Herron provides valuable insights into the varying tax landscape across Alpena County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Herron Tax Rate
0.41%
Average Alpena County Tax Rate
0.46%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Herron, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49744 | 0.30% | 0.36% | 0.41% | 0.46% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Herron, Michigan
In Herron, 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 Alpena 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 Herron, 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 Herron helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 49744 has the same highest and lowest median tax bill at $492, which is significantly lower than the national median property tax rate of 0.99%.
Average Herron Assessed Value
$123,400
Average Alpena County Assessed Value
$107,600
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Herron, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49744 | $55,600 | $83,500 | $123,400 | $179,400 | $234,000 |
Source: Ownwell
Property Tax Bills Across Herron, Michigan
Property tax bills in Herron, located in Alpena County, MI, are calculated based on the assessed value of a property, which typically reflects about 50% of its market value. For homeowners in Herron, the median home price is $123,400. The property tax rate in this region is applied to the assessed value to determine the annual property tax bill. Several factors influence the final tax amount, including local tax rates, property improvements, and changes in market conditions. For instance, the tax bills in Herron range significantly, with the 25th percentile at $337 and the 75th percentile at $729, while the 90th percentile reaches $1004. This variability can impact homeowners differently depending on their property's assessed value and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Herron’s rates offer a context for homeowners to understand their tax obligations better. This understanding is crucial for financial planning and ensuring that homeowners are prepared for their annual property tax responsibilities.
Average Herron Tax Bill
$492
Average Alpena County Tax Bill
$661
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Herron, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49744 | $202 | $337 | $492 | $729 | $1,004 |
Source: Ownwell