Phelps, Michigan Property Taxes
The median property tax rate in Phelps, MI is 0.73%, notably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $138,300 in Phelps, the typical annual property tax bill amounts to $1,009, which is significantly below the national median of $2,690. Property taxes in Phelps are determined based on the tax assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Phelps'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 Phelps or another part of the city, becoming familiar with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Phelps, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$1,010
Ownwell’s Phelps Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Phelps with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Phelps 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 Phelps, Michigan
Property taxes in Phelps, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Phelps is 0.73%, which is lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Phelps set these rates annually, and they can vary significantly across different neighborhoods. Each year, Phelps 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 Phelps's effective property tax rate to other counties in Michigan and the national median. For comparison, the zip code 54554 has the highest median property tax rate of 0.73%, while the same zip code also has the lowest median tax rate of 0.73%. Understanding how these cities compare with Phelps 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 Phelps Tax Rate
0.73%
Average Iron County Tax Rate
0.75%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Phelps, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54554 | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Phelps, Michigan
In Phelps, MI, 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 Phelps, 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. The median home price in Phelps is $138,300, with the 25th percentile tax bill at $849 and the 75th percentile at $1169. The highest and lowest median tax bills, both at $1009, are found in the 54554 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Phelps Assessed Value
$138,300
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 Phelps, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54554 | $103,180 | $116,350 | $138,300 | $160,250 | $173,420 |
Source: Ownwell
Property Tax Bills Across Phelps, Michigan
Property tax bills in Phelps, located in Iron County, MI, are calculated based on the assessed value of the property and the local tax rate. The assessed value is determined by the city’s tax assessor and typically aims to reflect the market value of the home. For example, the median home price in Phelps is $138,300. The tax bill can vary significantly depending on the assessed value and the specific tax rate applied. Homeowners in Phelps can expect their property tax bills to range widely. The 25th percentile tax bill stands at $849, while the 75th percentile tax bill is $1169. Those at the 90th percentile might see bills as high as $1264. These figures highlight the variability in property tax obligations within the city. Compared to the national median property tax rate of 0.99%, Phelps homeowners experience a diverse range of tax bills, which can impact their overall financial planning and housing affordability. Understanding these factors is crucial for homeowners looking to manage their yearly expenses effectively.
Average Phelps Tax Bill
$1,009
Average Iron County Tax Bill
$661
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Phelps, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 54554 | $753 | $849 | $1,009 | $1,169 | $1,264 |
Source: Ownwell