Wellston, Michigan Property Taxes
The median property tax rate in Wellston, MI is 1.69%, significantly higher than both the national median of 0.99% and Michigan's state median of 1.07%. With a median home value of $163,700 in Wellston, the typical annual property tax bill amounts to $1,893, surpassing the national median of $2,690. Property taxes in Wellston are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Wellston'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 Wellston 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
Wellston, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.69%
Estimate Property Tax Bill
$2,767
Ownwell’s Wellston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wellston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wellston 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 Wellston, Michigan
Property taxes in Wellston, Michigan, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wellston is 1.69%, significantly higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Wellston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wellston 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 Wellston's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49689 zip code has the highest median property tax rate of 1.69%, while the same zip code also has the lowest median tax rate of 1.69%. Understanding how these cities compare with Wellston provides valuable insights into the varying tax landscape across Wexford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wellston Tax Rate
1.69%
Average Wexford County Tax Rate
1.72%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wellston, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49689 | 1.22% | 1.59% | 1.69% | 2.13% | 2.36% |
Source: Ownwell
Property Tax Assessment Values Across Wellston, Michigan
In Wellston, 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 Wexford 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 Wellston, 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 Wellston helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Wellston is $1,893 in the 49689 zip code, while the lowest is also $1,893 in the same zip code.
Average Wellston Assessed Value
$163,700
Average Wexford County Assessed Value
$108,400
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wellston, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49689 | $27,600 | $65,550 | $163,700 | $204,400 | $217,900 |
Source: Ownwell
Property Tax Bills Across Wellston, Michigan
In Wellston, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value typically represents a percentage of the property's market value. For example, if the median home price in Wellston is $163,700, the assessed value would be a portion of that amount. Local tax rates are then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property location, home size, and any applicable exemptions. In Wellston, property tax bills range significantly, with the 25th percentile at $997 and the 75th percentile at $3,116. The highest median tax bill in the area is $1,893, which is notably higher than the national median property tax rate of 0.99%. For homeowners, these property taxes fund essential public services like schools, infrastructure, and emergency services. Understanding how these taxes are calculated can help homeowners budget effectively and potentially seek exemptions or appeals to manage their tax burdens better.
Average Wellston Tax Bill
$1,893
Average Wexford County Tax Bill
$1,919
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Wellston, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49689 | $492 | $997 | $1,893 | $3,116 | $4,344 |
Source: Ownwell