Houghton, Michigan Property Taxes
The median property tax rate in Houghton, MI is 1.23%, higher than both the national median of 0.99% and Michigan's state median of 1.07%. With the median home value in Houghton at $147,182, the typical annual property tax bill reaches $1,626, which is below the national median of $2,690. Property taxes in Houghton 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 Houghton'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 Houghton 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
Houghton, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$1,810
Ownwell’s Houghton Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Houghton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Houghton 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 Houghton, Michigan
Property taxes in Houghton, Michigan, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Houghton is 1.23%, higher than the U.S. national median of 0.99%. Local government entities within Houghton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Houghton 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 Houghton's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49931 zip code has the highest median property tax rate of 1.23%, while the 49931 zip code also has the lowest median tax rate of 1.23%. Understanding how these cities compare with Houghton provides valuable insights into the varying tax landscape across Houghton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Houghton Tax Rate
1.23%
Average Houghton County Tax Rate
0.94%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Houghton, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49931 | 0.39% | 0.70% | 1.23% | 1.57% | 1.79% |
Source: Ownwell
Property Tax Assessment Values Across Houghton, Michigan
In Houghton, 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 local 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 Houghton, 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 Houghton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Houghton is $1,626 in the 49931 zip code, which is also the lowest, reflecting a uniformity in tax burdens across the region.
Average Houghton Assessed Value
$147,182
Average Houghton County Assessed Value
$95,531
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Houghton, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49931 | $23,320 | $92,582 | $147,182 | $245,243 | $360,454 |
Source: Ownwell
Property Tax Bills Across Houghton, Michigan
In Houghton, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Houghton, the median home price is $147,182. The tax bills can vary significantly, with the 25th percentile at $779 and the 75th percentile at $2,770, indicating a wide range of property values and corresponding tax obligations. Several factors influence the assessed value, including the property's market value, location, and condition. Compared to the national median property tax rate of 0.99%, Houghton's tax rate results in a median tax bill of $1,626, which is relatively moderate. This tax bill impacts homeowners by contributing to local services such as schools, infrastructure, and emergency services. Understanding these factors can help homeowners anticipate their annual property tax obligations and budget accordingly.
Average Houghton Tax Bill
$1,626
Average Houghton County Tax Bill
$879
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Houghton, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49931 | $238 | $779 | $1,626 | $2,770 | $4,626 |
Source: Ownwell