Laurium, Michigan Property Taxes
The median property tax rate in Laurium, MI is 1.91%, significantly higher than both the national median of 0.99% and Michigan's state median of 1.07%. With a median home value of $70,829, the typical annual property tax bill in Laurium reaches $1,176, still under the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Laurium'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 Laurium or another part of Houghton County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Laurium, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.91%
Estimate Property Tax Bill
$1,353
Ownwell’s Laurium Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Laurium with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Laurium 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 Laurium, Michigan
Property taxes in Laurium, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Laurium is 1.91%, significantly higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Laurium set these rates annually, and they can vary significantly across different neighborhoods. Each year, Laurium 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 Laurium's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49913 zip code has the highest median property tax rate of 1.91%, while the same zip code also has the lowest median tax rate of 1.91%. Understanding how these cities compare with Laurium 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 Laurium Tax Rate
1.91%
Average Houghton County Tax Rate
0.94%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Laurium, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49913 | 1.15% | 1.42% | 1.91% | 2.19% | 2.93% |
Source: Ownwell
Property Tax Assessment Values Across Laurium, Michigan
In Laurium, 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 Houghton 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 Laurium, 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 Laurium helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Laurium is $1,176 in the 49913 zip code, which also has the lowest median tax bill.
Average Laurium Assessed Value
$70,829
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 Laurium, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49913 | $13,672 | $51,358 | $70,829 | $88,192 | $118,737 |
Source: Ownwell
Property Tax Bills Across Laurium, Michigan
In Laurium, located in Houghton County, MI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Laurium is $70,829. Property tax rates are applied to this assessed value to determine the annual tax bill. Factors such as local government budgets, school funding needs, and public services influence these rates. For homeowners in Laurium, the tax bill can vary significantly. The 25th percentile tax bill is around $792, while the 75th percentile tax bill reaches $1,721. At the 90th percentile, homeowners might see tax bills as high as $2,336. These variations reflect differences in property values and specific assessments within the city. The highest median tax bill in the area is $1,176, recorded in zip code 49913. Compared to the national median property tax rate of 0.99%, Laurium's tax rates can have a substantial impact on homeowners, influencing their overall housing costs and financial planning.
Average Laurium Tax Bill
$1,176
Average Houghton County Tax Bill
$879
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Laurium, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49913 | $271 | $792 | $1,176 | $1,721 | $2,336 |
Source: Ownwell