Grand Marais, Michigan Property Taxes
The median property tax rate in Grand Marais, MI is 1.23%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Grand Marais at $120,800, the typical annual property tax bill reaches $1,343, exceeding the national median of $2,690. Property taxes in Grand Marais 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 Grand Marais'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 Grand Marais 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
Grand Marais, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$1,486
Ownwell’s Grand Marais Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grand Marais with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grand Marais 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 Grand Marais, Michigan
Property taxes in Grand Marais, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grand Marais is 1.23%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Grand Marais set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grand Marais 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 Grand Marais's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49839 zip code has the highest median property tax rate of 1.23%, while the 49839 zip code also has the lowest median tax rate of 1.23%. Understanding how these cities compare with Grand Marais provides valuable insights into the varying tax landscape across Alger County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grand Marais Tax Rate
1.23%
Average Alger County Tax Rate
0.75%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grand Marais, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49839 | 0.60% | 0.77% | 1.23% | 1.62% | 1.72% |
Source: Ownwell
Property Tax Assessment Values Across Grand Marais, Michigan
In Grand Marais, 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 Alger 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 Grand Marais, 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 Grand Marais is $120,800, with tax bills ranging from $807 at the 25th percentile to $2,967 at the 90th percentile. The highest and lowest median tax bills are both $1,343, found in the 49839 zip code. By understanding 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 Grand Marais helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Grand Marais Assessed Value
$120,800
Average Alger County Assessed Value
$94,600
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grand Marais, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49839 | $48,480 | $78,700 | $120,800 | $176,600 | $243,240 |
Source: Ownwell
Property Tax Bills Across Grand Marais, Michigan
In Grand Marais, located in Alger County, MI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in this area is $120,800. Local tax rates are then applied to this assessed value to determine the annual tax bill. For instance, homeowners in the 25th percentile can expect to pay around $807, while those in the 75th percentile may see bills as high as $1,976. For the top 10% of properties, tax bills can reach up to $2,967. Several factors influence these tax bills, including changes in home values, local government budgets, and specific exemptions or deductions that homeowners might qualify for. This variability means that while the highest and lowest median tax bills in the area are both $1,343, individual circumstances can lead to significant differences. For homeowners, understanding these factors is crucial, as property taxes represent a significant annual expense that directly impacts their financial planning and homeownership costs.
Average Grand Marais Tax Bill
$1,343
Average Alger County Tax Bill
$783
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Grand Marais, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49839 | $501 | $807 | $1,343 | $1,976 | $2,967 |
Source: Ownwell