Drummond Island, Michigan Property Taxes
The median property tax rate in Drummond Island, MI is 1.22%, which is notably higher than both the national median of 0.99% and Michigan's state median of 1.07%. With a median home value of $118,300, the typical annual property tax bill in Drummond Island reaches $1,318, surpassing the national median of $2,690. Property taxes here are calculated based on the assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Drummond Island'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 Drummond Island or another part of Chippewa County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Drummond Island, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.22%
Estimate Property Tax Bill
$1,443
Ownwell’s Drummond Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Drummond Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Drummond Island 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 Drummond Island, Michigan
Property taxes in Drummond Island, Michigan, are essential for funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Drummond Island is 1.22%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Drummond Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Drummond Island 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 Drummond Island's effective property tax rate to other areas in Michigan and the national median. For comparison, the zip code 49726 has the highest median property tax rate of 1.22%, while the same zip code also has the lowest median tax rate of 1.22%. Understanding how these areas compare with Drummond Island provides valuable insights into the varying tax landscape across Chippewa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Drummond Island Tax Rate
1.22%
Average Chippewa County Tax Rate
1.10%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Drummond Island, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49726 | 0.67% | 0.88% | 1.22% | 1.73% | 1.99% |
Source: Ownwell
Property Tax Assessment Values Across Drummond Island, Michigan
In Drummond Island, 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 Chippewa 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 Drummond Island, 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 Drummond Island 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 $1,318 in the 49726 zip code.
Property Tax Assessment Values Across Drummond Island, Michigan
Source: Ownwell
$16,000
$71,100
$126,200
Average Drummond Island Assessed Value
$118,300
Average Chippewa County Assessed Value
$103,400
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Drummond Island, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49726 | $19,000 | $51,650 | $118,300 | $211,350 | $325,560 |
Source: Ownwell
Property Tax Bills Across Drummond Island, Michigan
In Drummond Island, Chippewa County, MI, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For example, with a median home price of $118,300, homeowners can expect varying tax bills depending on their property's assessed value and the specific tax rate applied. Factors such as property location, improvements, and local government budgets influence the final tax bill. In Drummond Island, the 25th percentile tax bill is around $606, while the 75th percentile reaches approximately $2,565. At the 90th percentile, homeowners might see tax bills as high as $4,039. The highest and lowest median tax bills in the area are both $1,318, indicating a relatively narrow range in property tax burdens compared to the national median property tax rate of 0.99%. These taxes fund essential community services, impacting the overall quality of life for residents.
Average Drummond Island Tax Bill
$1,318
Average Chippewa County Tax Bill
$1,042
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Drummond Island, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49726 | $267 | $606 | $1,318 | $2,565 | $4,039 |
Source: Ownwell