Powers, Michigan Property Taxes
The median property tax rate in Powers, MI is 0.31%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value in Powers of $91,400, the typical annual property tax bill is $262, which is well below the national median of $2,690. Property taxes in Powers are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Powers' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Powers 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
Powers, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.31%
Estimate Property Tax Bill
$283
Ownwell’s Powers Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Powers with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Powers 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 Powers, Michigan
Property taxes in Powers, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Powers is 1.44%, significantly higher than both the Michigan state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Powers set these rates annually, and they can vary significantly across different neighborhoods. Each year, Powers 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 Powers' effective property tax rate to other counties in Michigan and the national median. For comparison, the highest median property tax rate in the region is 1.54%, while the lowest median tax rate is 1.44%. Understanding how these cities compare with Powers provides valuable insights into the varying tax landscape across Menominee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Powers Tax Rate
0.31%
Average Menominee County Tax Rate
0.31%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Powers, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49874 | 0.12% | 0.22% | 0.31% | 0.40% | 0.44% |
Source: Ownwell
Property Tax Assessment Values Across Powers, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Powers, Michigan. 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 Menominee 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 Powers, 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. For instance, the median home price in Powers is $91,400, with the 25th percentile tax bill at $117 and the 75th percentile at $432. The highest median tax bill in the area is $262 in the 49874 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 Powers Assessed Value
$91,400
Average Menominee County Assessed Value
$92,200
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Powers, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49874 | $25,800 | $56,600 | $91,400 | $136,400 | $189,400 |
Source: Ownwell
Property Tax Bills Across Powers, Michigan
In Powers, located in Menominee County, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, the median home price in Powers is $91,400. Property tax rates can vary, but homeowners can expect their tax bills to fall within a certain range. For example, the 25th percentile tax bill is $117, while the 75th percentile tax bill is $432, and the 90th percentile tax bill reaches up to $610. These tax bills are influenced by various factors, including changes in the assessed value of the property and local tax rate adjustments. Compared to the national median property tax rate of 0.99%, Powers homeowners might experience different tax burdens depending on their property's assessed value. Understanding these factors helps homeowners anticipate their annual tax obligations and manage their finances more effectively.
Average Powers Tax Bill
$262
Average Menominee County Tax Bill
$274
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Powers, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49874 | $61 | $117 | $262 | $432 | $610 |
Source: Ownwell