Hillman, Michigan Property Taxes
The median property tax rate in Hillman, MI is 0.55%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Hillman at $111,800, the typical annual property tax bill is $671, which is well below the national median of $2,690. Property taxes in Hillman 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 Hillman'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 Hillman 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
Hillman, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$615
Ownwell’s Hillman Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Hillman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hillman 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 Hillman, Michigan
Property taxes in Hillman, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hillman is 0.55%, lower than both the Michigan state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Hillman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hillman 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 Hillman's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49746 zip code has both the highest and lowest median property tax rate of 0.55%. Understanding how these areas compare with Hillman provides valuable insights into the varying tax landscape across Alpena County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hillman Tax Rate
0.55%
Average Alpena County Tax Rate
0.46%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hillman, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49746 | 0.36% | 0.40% | 0.55% | 1.08% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Hillman, Michigan
In Hillman, 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 Alpena 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 Hillman, 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 Hillman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Hillman is $671 in the 49746 zip code, while the lowest median tax bill is also $671 in the same zip code.
Average Hillman Assessed Value
$111,800
Average Alpena County Assessed Value
$107,600
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hillman, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49746 | $37,400 | $68,550 | $111,800 | $170,100 | $230,300 |
Source: Ownwell
Property Tax Bills Across Hillman, Michigan
In Hillman, MI, property tax bills are calculated based on the assessed value of the property, which is a percentage of its market value. Local assessors determine this value, and it forms the basis for the tax bill. The median home price in Hillman is $111,800, and the property tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. For instance, homeowners in Hillman might see tax bills ranging from $383 at the 25th percentile to $1,088 at the 75th percentile, with the 90th percentile reaching up to $1,703. These variations reflect differences in property values and applicable deductions. Compared to the national median property tax rate of 0.99%, Hillman's rates offer a perspective on the local tax burden. For homeowners, understanding these factors is crucial as they impact the overall cost of owning property, influencing financial planning and long-term investment decisions.
Average Hillman Tax Bill
$671
Average Alpena County Tax Bill
$661
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Hillman, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49746 | $283 | $383 | $671 | $1,088 | $1,703 |
Source: Ownwell