Glennie, Michigan Property Taxes
The median property tax rate in Glennie, MI is 2.38%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Glennie, the typical annual property tax bill reaches $726, which is notably lower than the national median of $2,690. Property taxes in Glennie 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 Glennie'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 Glennie 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
Glennie, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.38%
Estimate Property Tax Bill
$763
Ownwell’s Glennie Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Glennie with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Glennie 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 Glennie, Michigan
Property taxes in Glennie, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Glennie is 1.36%, higher than both the Michigan state median of 1.31% and the U.S. national median of 0.99%. Local government entities within Glennie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Glennie 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 Glennie's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48737 zip code has the highest median property tax rate of 1.36%, while the same zip code also has the lowest median tax rate of 1.36%. Understanding how these cities compare with Glennie provides valuable insights into the varying tax landscape across Iosco County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Glennie Tax Rate
2.38%
Average Iosco County Tax Rate
2.40%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Glennie, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48737 | 1.44% | 1.96% | 2.38% | 3.15% | 3.98% |
Source: Ownwell
Property Tax Assessment Values Across Glennie, Michigan
In Glennie, 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 Iosco 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 Glennie, 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 Glennie helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 48737, with a median tax bill of $726.
Average Glennie Assessed Value
$32,050
Average Iosco County Assessed Value
$51,600
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Glennie, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48737 | $12,630 | $20,375 | $32,050 | $46,175 | $65,710 |
Source: Ownwell
Property Tax Bills Across Glennie, Michigan
In Glennie, property tax bills are determined by the assessed value of a home, which is a percentage of its market value. For instance, with a median home price of $32,050, the assessed value is calculated, and the local tax rate is applied to this value. This results in varying tax bills across different percentiles. Homeowners in the 25th percentile pay around $496, while those in the 75th percentile face bills of approximately $1,093. The top 10% of homeowners encounter even higher bills, averaging $1,565. Several factors influence these tax bills, including property location, improvements, and market conditions. The property tax rate in Glennie is higher than the national median rate of 0.99%, reflecting the specific financial needs and budgetary requirements of the local government. This rate ensures that essential public services are funded, but it also means that homeowners must budget carefully to accommodate these expenses. Understanding these factors helps homeowners anticipate their annual financial obligations.
Average Glennie Tax Bill
$726
Average Iosco County Tax Bill
$1,150
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Glennie, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48737 | $353 | $496 | $726 | $1,093 | $1,565 |
Source: Ownwell