Marquette, Michigan Property Taxes
The median property tax rate in Marquette, MI is 0.57%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $215,000 in Marquette, the typical annual property tax bill comes to $1,642, which is well below the national median of $2,690. Property taxes in Marquette are calculated 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 Marquette'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 Marquette or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Marquette, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.57%
Estimate Property Tax Bill
$1,225
Ownwell’s Marquette Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Marquette with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Marquette 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 Marquette, Michigan
Property taxes in Marquette, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marquette is 0.57%, which is lower than the U.S. national median of 0.99%. Local government entities within Marquette set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marquette 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 Marquette's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49855 zip code has both the highest and lowest median property tax rate of 0.57%. Understanding how these cities compare with Marquette provides valuable insights into the varying tax landscape across Marquette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marquette Tax Rate
0.57%
Average Marquette County Tax Rate
0.46%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marquette, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49855 | 0.27% | 0.38% | 0.57% | 1.47% | 1.83% |
Source: Ownwell
Property Tax Assessment Values Across Marquette, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Marquette, MI. 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 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 Marquette, 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. For instance, the median home price in Marquette is $215,000, with tax bills ranging from $718 at the 25th percentile to $4,948 at the 90th percentile. The highest and lowest median tax bills are both in the 49855 zip code, standing at $1,642. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Marquette Assessed Value
$215,000
Average Marquette County Assessed Value
$155,200
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Marquette, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49855 | $74,140 | $153,000 | $215,000 | $294,200 | $434,720 |
Source: Ownwell
Property Tax Bills Across Marquette, Michigan
In Marquette, MI, property tax bills are calculated based on the assessed value of the property, which is typically half of its market value. For example, a home with a market value of $215,000 would have an assessed value of $107,500. The local tax rate is then applied to this assessed value to determine the annual tax bill. Various factors such as property location, improvements, and local levies influence the final amount. Homeowners in Marquette see a wide range of tax bills. The 25th percentile tax bill is around $718, while the 75th percentile reaches $3,231. At the 90th percentile, tax bills can soar to $4,948. The median tax bill in the area, specifically in the 49855 zip code, stands at $1,642, which is below the national median property tax rate of 0.99%. These taxes fund essential local services such as schools, infrastructure, and emergency services. Understanding how these factors contribute to the tax bill can help homeowners better manage their finances and anticipate future expenses.
Average Marquette Tax Bill
$1,642
Average Marquette County Tax Bill
$725
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Marquette, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49855 | $264 | $718 | $1,642 | $3,231 | $4,948 |
Source: Ownwell