Hardwood, Michigan Property Taxes
The median property tax rate in Hardwood, MI is 0.68%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Hardwood at $101,700, the typical annual property tax bill amounts to $714, well below the national median of $2,690. Property taxes in Hardwood are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hardwood'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 Hardwood or another part of Dickinson County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hardwood, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$692
Ownwell’s Hardwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hardwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hardwood 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 Hardwood, Michigan
Property taxes in Hardwood, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hardwood is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Hardwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hardwood 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 Hardwood's effective property tax rate to other counties in Michigan and the national median. For comparison, the zip code 49834 has both the highest and lowest median property tax rate of 0.68%. Understanding how these areas compare with Hardwood provides valuable insights into the varying tax landscape across Dickinson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hardwood Tax Rate
0.68%
Average Dickinson County Tax Rate
1.46%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hardwood, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49834 | 0.38% | 0.44% | 0.68% | 0.82% | 1.42% |
Source: Ownwell
Property Tax Assessment Values Across Hardwood, Michigan
In Hardwood, 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 Dickinson 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 Hardwood, 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. For instance, the median home price in Hardwood is $101,700, with property tax bills ranging from $482 at the 25th percentile to $1,221 at the 90th percentile. The highest median tax bill in the area is $714 in the 49834 zip code. By understanding 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 Hardwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hardwood Assessed Value
$101,700
Average Dickinson County Assessed Value
$85,400
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hardwood, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49834 | $42,980 | $76,100 | $101,700 | $137,300 | $214,040 |
Source: Ownwell
Property Tax Bills Across Hardwood, Michigan
In Hardwood, located in Dickinson County, MI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For example, with a median home price of $101,700, the tax bill can vary significantly. At the 25th percentile, homeowners might pay around $482, while those at the 75th percentile could see bills closer to $887. The 90th percentile tax bill can reach up to $1,221, reflecting the variability in property values and tax rates. Several factors influence these tax bills, including the property's assessed value, local tax rates, and applicable exemptions. Homeowners in Hardwood should be aware that their property tax bills might be influenced by changes in the local real estate market and any adjustments in assessment practices or tax rates. Compared to the national median property tax rate of 0.99%, the tax rates in Hardwood can provide some relief, but it's essential to stay informed about local tax policies and potential exemptions to manage these costs effectively.
Average Hardwood Tax Bill
$714
Average Dickinson County Tax Bill
$1,193
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Hardwood, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49834 | $364 | $482 | $714 | $887 | $1,221 |
Source: Ownwell