Topinabee, Michigan Property Taxes
The median property tax rate in Topinabee, MI is 0.39%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Topinabee at $163,900, the typical annual property tax bill is $586, far below the national median of $2,690. Property taxes in Topinabee 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 Topinabee'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 Topinabee or another part of Cheboygan County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Topinabee, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$639
$593
Ownwell’s Topinabee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Topinabee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Topinabee 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 Topinabee, Michigan
Property taxes in Topinabee, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Topinabee is 0.39%, which is significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Topinabee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Topinabee 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 Topinabee's effective property tax rate to other counties in Michigan and the national median. Understanding how these cities compare with Topinabee provides valuable insights into the varying tax landscape across Cheboygan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Topinabee Tax Rate
0.39%
Average Cheboygan County Tax Rate
0.50%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Topinabee, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49791 | 0.27% | 0.32% | 0.39% | 0.48% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Topinabee, Michigan
In Topinabee, 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 Cheboygan 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 Topinabee, 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 Topinabee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $586, found in the 49791 zip code.
Average Topinabee Assessed Value
$163,900
Average Cheboygan County Assessed Value
$151,800
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Topinabee, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49791 | $32,920 | $92,950 | $163,900 | $287,900 | $558,320 |
Source: Ownwell
Property Tax Bills Across Topinabee, Michigan
In Topinabee, located in Cheboygan County, MI, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor. The assessed value is typically a percentage of the market value of the property. Homeowners in Topinabee can expect property tax bills to vary significantly, reflecting the range of property values and local tax rates. For instance, the median home price in Topinabee is $163,900. Tax bills in the 25th percentile are around $345, while those in the 75th percentile reach $1,142. At the 90th percentile, tax bills can soar to $2,369. The highest and lowest median tax bills in the area both stand at $586, indicating a relatively uniform rate within specific zones. Compared to the national median property tax rate of 0.99%, Topinabee's property tax bills can be seen as moderate to high, impacting homeowners' annual expenses. These taxes fund essential local services such as schools, infrastructure, and emergency services, directly influencing community quality and property values.
Average Topinabee Tax Bill
$586
Average Cheboygan County Tax Bill
$843
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Topinabee, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49791 | $144 | $345 | $586 | $1,142 | $2,369 |
Source: Ownwell