Presque Isle, Michigan Property Taxes
The median property tax rate in Presque Isle, MI is 0.51%, considerably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Presque Isle at $166,800, the typical annual property tax bill reaches $931, significantly below the national median of $2,690. Property taxes in Presque Isle are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Presque Isle'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 Presque Isle or another part of the county, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Presque Isle, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$851
Ownwell’s PRESQUE ISLE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in PRESQUE ISLE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in PRESQUE ISLE 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 Presque Isle, Michigan
Property taxes in Presque Isle, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Presque Isle is 0.51%, significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Presque Isle set these rates annually, and they can vary significantly across different neighborhoods. Each year, Presque Isle 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 Presque Isle's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49777 zip code has the highest median property tax rate of 0.51%, while the same zip code also has the lowest median tax rate of 0.51%. Understanding how these cities compare with Presque Isle provides valuable insights into the varying tax landscape across Presque Isle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Presque Isle Tax Rate
0.51%
Average Presque Isle County Tax Rate
0.48%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Presque Isle, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49777 | 0.40% | 0.45% | 0.51% | 0.59% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Presque Isle, Michigan
In Presque Isle, 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 Presque Isle 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 Presque Isle, 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 zip code with the highest and lowest median tax bill is 49777, with a median tax bill of $931. Being aware of these valuation processes in Presque Isle helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Presque Isle Assessed Value
$166,800
Average Presque Isle County Assessed Value
$112,200
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Presque Isle, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49777 | $71,200 | $109,000 | $166,800 | $251,800 | $357,960 |
Source: Ownwell
Property Tax Bills Across Presque Isle, Michigan
In Presque Isle, MI, property tax bills are calculated based on the assessed value of a home, which is typically around 50% of its market value. For instance, with a median home price of $166,800, the assessed value would be approximately $83,400. The property tax rate is then applied to this assessed value to determine the tax bill. Several factors influence the final tax bill, including local tax rates and any applicable exemptions. In Presque Isle, the 25th percentile tax bill is $574, while the 75th percentile tax bill reaches $1,457, and the 90th percentile can go up to $2,236. These figures illustrate the range homeowners might expect to pay, depending on their property's assessed value and specific circumstances. Compared to the national median property tax rate of 0.99%, Presque Isle's rates can vary significantly, impacting homeowners differently across the region. High property taxes can affect affordability, while lower taxes might make homeownership more accessible.
Average Presque Isle Tax Bill
$931
Average Presque Isle County Tax Bill
$633
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Presque Isle, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49777 | $365 | $574 | $931 | $1,457 | $2,236 |
Source: Ownwell