Watersmeet, Michigan Property Taxes
The median property tax rate in Watersmeet, MI is 1.11%, slightly above both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Watersmeet at $130,430, the typical annual property tax bill is around $1,222, which is below the national median of $2,690. Property taxes in Watersmeet are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Watersmeet'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 Watersmeet or another part of Gogebic County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Watersmeet, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$1,448
Ownwell’s Watersmeet Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Watersmeet with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Watersmeet 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 Watersmeet, Michigan
Property taxes in Watersmeet, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Watersmeet stands at 1.11%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Watersmeet set these rates annually, and they can vary significantly across different neighborhoods. Each year, Watersmeet 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 Watersmeet's effective property tax rate to other counties in Michigan and the national median. For comparison, the zip code 49969 has the highest median property tax rate of 1.11%, while the same zip code also has the lowest median tax rate of 1.11%. Understanding how these cities compare with Watersmeet 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 Watersmeet Tax Rate
1.11%
Average Gogebic County Tax Rate
1.50%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Watersmeet, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49969 | 0.50% | 0.66% | 1.11% | 1.48% | 1.68% |
Source: Ownwell
Property Tax Assessment Values Across Watersmeet, Michigan
In Watersmeet, 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 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 Watersmeet, 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 Watersmeet 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 $1,222, notably higher than the national median property tax rate of 0.99%.
Average Watersmeet Assessed Value
$130,430
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 Watersmeet, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49969 | $16,000 | $51,394 | $130,430 | $264,566 | $432,474 |
Source: Ownwell
Property Tax Bills Across Watersmeet, Michigan
In Watersmeet, located in Gogebic County, MI, property tax bills are calculated based on the assessed value of the property, which is determined by local assessors. This assessed value is a percentage of the market value of the home. Homeowners in Watersmeet can expect a range of property tax bills depending on the value of their property. For instance, the tax bill at the 25th percentile is $436, while at the 75th percentile, it rises to $2,534. At the higher end, the 90th percentile tax bill reaches $4,315. These numbers indicate that property taxes in Watersmeet can vary significantly, impacting homeowners differently based on their property values. The median home price in Watersmeet is $130,430, and the median property tax bill in the area is $1,222. This is relatively low compared to the national median property tax rate of 0.99%. Homeowners need to consider these factors when budgeting for property expenses, as property taxes can be a substantial part of annual costs.
Average Watersmeet Tax Bill
$1,222
Average Gogebic County Tax Bill
$965
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Watersmeet, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49969 | $152 | $436 | $1,222 | $2,534 | $4,315 |
Source: Ownwell