Ishpeming, Michigan Property Taxes
The median property tax rate in Ishpeming, MI is 0.76%, notably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Ishpeming at $167,800, the typical annual property tax bill is $1,277, falling well below the national median of $2,690. Property taxes in Ishpeming are calculated based on the tax assessed value, which often comes in lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Ishpeming'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 Ishpeming 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
Ishpeming, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$1,275
Ownwell’s Ishpeming Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ishpeming with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ishpeming 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 Ishpeming, Michigan
Property taxes in Ishpeming, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ishpeming is 0.76%, lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Ishpeming set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ishpeming 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 Ishpeming's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49849 zip code has the highest median property tax rate of 0.76%, while the same 49849 zip code also has the lowest median tax rate of 0.76%. Understanding how these cities compare with Ishpeming 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 Ishpeming Tax Rate
0.76%
Average Dickinson County Tax Rate
1.46%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ishpeming, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49849 | 0.76% | 0.76% | 0.76% | 0.76% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Ishpeming, Michigan
In Ishpeming, 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 Ishpeming, 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 Ishpeming helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both $1,277, found in zip code 49849.
Average Ishpeming Assessed Value
$167,800
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 Ishpeming, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49849 | $167,800 | $167,800 | $167,800 | $167,800 | $167,800 |
Source: Ownwell
Property Tax Bills Across Ishpeming, Michigan
In Ishpeming, located in Dickinson County, MI, property tax bills are determined by assessing the value of a homeowner's property. The assessed value is typically a percentage of the property's market value, which is then multiplied by the local tax rate to calculate the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. In Ishpeming, the median home price is $167,800, and the median property tax bill is $1,277, which is significantly higher than the national median property tax rate of 0.99%. This tax rate reflects the city's commitment to funding essential services like schools, infrastructure, and emergency services. For homeowners, a higher property tax bill can mean a larger financial commitment, but it also contributes to the overall quality of life in the community. Understanding these factors helps homeowners anticipate their annual expenses and plan accordingly.
Average Ishpeming Tax Bill
$1,277
Average Dickinson County Tax Bill
$1,193
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Ishpeming, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49849 | $1,277 | $1,277 | $1,277 | $1,277 | $1,277 |
Source: Ownwell