Manistique, Michigan Property Taxes
The median property tax rate in Manistique, MI is 0.46%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $89,200 in Manistique, the typical annual property tax bill is $566, which is well below the national median of $2,690. Property taxes in Manistique 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 Manistique'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 Manistique or another part of Schoolcraft County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Manistique, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.46%
Estimate Property Tax Bill
$410
Ownwell’s Manistique Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Manistique with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Manistique 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 Manistique, Michigan
Property taxes in Manistique, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Manistique is 0.46%, which is significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Manistique set these rates annually, and they can vary significantly across different neighborhoods. Each year, Manistique 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 Manistique's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49854 zip code has both the highest and the lowest median property tax rate of 0.46%. Understanding how these cities compare with Manistique provides valuable insights into the varying tax landscape across Schoolcraft County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Manistique Tax Rate
0.46%
Average Schoolcraft County Tax Rate
0.45%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Manistique, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49854 | 0.27% | 0.38% | 0.46% | 1.12% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Manistique, Michigan
In Manistique, 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 local assessment authority 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 Manistique, 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 Manistique is $89,200, with the median tax bill reaching $566. 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 Manistique helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Manistique Assessed Value
$89,200
Average Schoolcraft County Assessed Value
$86,700
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Manistique, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49854 | $29,800 | $51,400 | $89,200 | $161,200 | $238,200 |
Source: Ownwell
Property Tax Bills Across Manistique, Michigan
In Manistique, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For instance, with a median home price of $89,200, the assessed value is used to determine the tax bill. Tax rates in Manistique can vary, but they are generally influenced by local government budgets and the needs of public services, such as schools and infrastructure. Homeowners in Manistique can expect their property tax bills to range significantly. The 25th percentile tax bill is around $300, while the 75th percentile reaches $855, and the 90th percentile can go up to $1,220. The highest and lowest median tax bills in the area are both $566, indicating a relatively consistent tax rate across different properties. Compared to the national median property tax rate of 0.99%, Manistique's rates can be more affordable, making it an attractive option for homeowners looking for lower property tax obligations. This impacts homeowners by potentially lowering their annual financial burden, allowing for more disposable income or investment in property improvements.
Average Manistique Tax Bill
$566
Average Schoolcraft County Tax Bill
$504
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Manistique, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49854 | $153 | $300 | $566 | $855 | $1,220 |
Source: Ownwell