Wakefield, Michigan Property Taxes
The median property tax rate in Wakefield, MI is 1.32%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Wakefield at $63,202, the typical annual property tax bill reaches $1,034, exceeding the national median of $2,690. Property taxes in Wakefield 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 Wakefield'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 Wakefield 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
Wakefield, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.32%
Estimate Property Tax Bill
$834
Ownwell’s Wakefield Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Wakefield using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wakefield 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 Wakefield, Michigan
Property taxes in Wakefield, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wakefield is 1.32%, significantly higher than the U.S. national median of 0.99%. Local government entities within Wakefield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wakefield 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 Wakefield's effective property tax rate to other counties and the national median. For comparison, the 49968 zip code has the highest median property tax rate of 1.32%, while the same zip code also has the lowest median tax rate of 1.32%. Understanding how these cities compare with Wakefield provides valuable insights into the varying tax landscape across Gogebic County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wakefield Tax Rate
1.32%
Average Gogebic County Tax Rate
1.50%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wakefield, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49968 | 0.67% | 1.17% | 1.32% | 1.41% | 1.52% |
Source: Ownwell
Property Tax Assessment Values Across Wakefield, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wakefield, Michigan. 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 Gogebic 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 Wakefield, 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. The median home price in Wakefield is $63,202, with property tax bills ranging from $769 at the 25th percentile to $2,359 at the 90th percentile. Notably, the zip code 49968 has the highest median tax bill at $1,034. 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 Wakefield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wakefield Assessed Value
$63,202
Average Gogebic County Assessed Value
$65,668
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wakefield, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49968 | $22,148 | $44,246 | $63,202 | $96,581 | $161,809 |
Source: Ownwell
Property Tax Bills Across Wakefield, Michigan
In Wakefield, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Wakefield is $63,202, and the property tax rate is applied to this assessed value to determine the annual tax bill. For example, homeowners in the 25th percentile pay around $769, while those in the 75th percentile pay approximately $1,511. The highest tax bills, in the 90th percentile, can reach up to $2,359. Several factors influence these tax bills, including the home's assessed value, any applicable exemptions, and the local tax rate. This system ensures that property taxes are proportionate to the value of the property, impacting homeowners by requiring higher payments for more valuable properties. Compared to the national median property tax rate of 0.99%, Wakefield's rates reflect the local economic conditions and funding needs for public services. This approach helps maintain community infrastructure and services, but it also means that homeowners must plan for these annual expenses.
Average Wakefield Tax Bill
$1,034
Average Gogebic County Tax Bill
$965
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Wakefield, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49968 | $551 | $769 | $1,034 | $1,511 | $2,359 |
Source: Ownwell