Lawrence, Michigan Property Taxes
The median property tax rate in Lawrence, MI is 0.92%, which is slightly below the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $111,400 in Lawrence, the typical annual property tax bill amounts to $1,028, significantly lower than the national median of $2,690. Property taxes in Lawrence are calculated based on the assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Lawrence's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Lawrence or another part of Iron County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lawrence, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$1,025
Ownwell’s Lawrence Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lawrence with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lawrence 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 Lawrence, Michigan
Property taxes in Lawrence, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lawrence is 0.92%, slightly below the U.S. national median of 0.99%. Local government entities within Lawrence set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lawrence 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 Lawrence's effective property tax rate to other counties in Michigan and the national median. For comparison, the 66044 zip code has the highest median property tax rate of 0.92%, while the same zip code also has the lowest median tax rate of 0.92%. Understanding how these cities compare with Lawrence provides valuable insights into the varying tax landscape across Iron County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lawrence Tax Rate
0.92%
Average Iron County Tax Rate
0.75%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lawrence, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66044 | 0.92% | 0.92% | 0.92% | 0.92% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Lawrence, Michigan
In Lawrence, 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 Iron 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 Lawrence, 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 Lawrence helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 66044 at $1,028, while the lowest is also 66044 at $1,028.
Average Lawrence Assessed Value
$111,400
Average Iron County Assessed Value
$75,910
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lawrence, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66044 | $111,400 | $111,400 | $111,400 | $111,400 | $111,400 |
Source: Ownwell
Property Tax Bills Across Lawrence, Michigan
In Lawrence, Iron County, MI, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is typically a percentage of the market value of the property. For instance, with a median home price of $111,400 in Lawrence, the property tax rate is applied to this assessed value to determine the tax bill. Several factors influence the final tax bill, including the home's location, size, and any applicable exemptions or deductions. In Lawrence, the median property tax bill is $1,028, which is higher than the national median property tax rate of 0.99%. This means homeowners in Lawrence may pay more in property taxes compared to other regions. Understanding how these factors affect your property tax bill is crucial for homeowners. Higher property taxes can impact your overall cost of living and should be considered when budgeting for homeownership. Accurate assessments and awareness of local tax rates can help homeowners plan their finances more effectively.
Average Lawrence Tax Bill
$1,028
Average Iron County Tax Bill
$661
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Lawrence, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66044 | $1,028 | $1,028 | $1,028 | $1,028 | $1,028 |
Source: Ownwell