Mc Millan, Michigan Property Taxes
The median property tax rate in Mc Millan, MI is 1.25%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Mc Millan at $85,400, the typical annual property tax bill reaches $1,530, exceeding the national median of $2,690. Property taxes in Mc Millan are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Mc Millan'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 Mc Millan 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
Mc Millan, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.25%
Estimate Property Tax Bill
$1,068
Ownwell’s MC MILLAN Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MC MILLAN with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MC MILLAN 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 Mc Millan, Michigan
Property taxes in McMillan, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in McMillan is 1.25%, significantly higher than the U.S. national median of 0.99%. Local government entities within McMillan set these rates annually, and they can vary across different neighborhoods. Each year, McMillan 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 McMillan's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49853 zip code has the highest median property tax rate of 1.25%, while the same zip code also has the lowest median tax rate of 1.25%. Understanding how these cities compare with McMillan provides valuable insights into the varying tax landscape across Mackinac County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mc Millan Tax Rate
1.25%
Average Mackinac County Tax Rate
0.81%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mc Millan, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49853 | 0.44% | 0.95% | 1.25% | 1.85% | 1.98% |
Source: Ownwell
Property Tax Assessment Values Across Mc Millan, Michigan
In MC MILLAN, 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 Mackinac 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 MC MILLAN, 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 MC MILLAN helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 49853 has the highest and lowest median tax bill, both valued at $1530, reflecting the uniformity in the area’s tax assessments.
Average Mc Millan Assessed Value
$85,400
Average Mackinac County Assessed Value
$123,200
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mc Millan, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49853 | $57,760 | $79,000 | $85,400 | $145,400 | $220,880 |
Source: Ownwell
Property Tax Bills Across Mc Millan, Michigan
In Mc Millan, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is typically a percentage of the market value of the property. For homeowners in Mc Millan, the median home price is $85,400. Property tax rates are applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For example, the 25th percentile tax bill in Mc Millan is $789, while the 75th percentile tax bill is $1582, and the 90th percentile reaches $2142. Comparatively, the national median property tax rate stands at 0.99%, which can provide a benchmark for understanding local rates. For homeowners, these property taxes contribute to essential community services such as schools, public safety, and infrastructure. Understanding how these taxes are calculated and their impact on annual expenses is crucial for effective financial planning and homeownership in Mc Millan.
Average Mc Millan Tax Bill
$1,530
Average Mackinac County Tax Bill
$942
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Mc Millan, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49853 | $538 | $789 | $1,530 | $1,582 | $2,142 |
Source: Ownwell