Tower, Michigan Property Taxes
The median property tax rate in Tower, MI is 0.25%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Tower, the typical annual property tax bill is $113, far below the national median of $2,690. Property taxes in Tower 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 Tower'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 Tower 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
Tower, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.25%
Estimate Property Tax Bill
$99
$92
Ownwell’s Tower Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tower with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tower 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 Tower, Michigan
Property taxes in Tower, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tower is 1.23%, higher than both the Michigan state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Tower set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tower 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 Tower's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49721 zip code has the highest median property tax rate of 1.54%, while 49705 has the lowest median tax rate of 0.25%. Understanding how these cities compare with Tower 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 Tower Tax Rate
0.25%
Average Cheboygan County Tax Rate
0.50%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tower, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49792 | 0.22% | 0.23% | 0.25% | 0.27% | 0.28% |
Source: Ownwell
Property Tax Assessment Values Across Tower, Michigan
In Tower, 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 Tower, 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 Tower helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Tower is $39,700, with tax bills ranging from $60 at the 25th percentile to $197 at the 90th percentile. The zip code with both the highest and lowest median tax bills is 49792, with a median tax bill of $113.
Average Tower Assessed Value
$39,700
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 Tower, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49792 | $10,820 | $21,650 | $39,700 | $57,750 | $68,580 |
Source: Ownwell
Property Tax Bills Across Tower, Michigan
In Tower, located in Cheboygan County, MI, 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 reflects a percentage of the home's market value. For instance, with a median home price of $39,700, the property tax rate is applied to this assessed value to determine the total tax bill. Several factors influence the tax bill, including property size, location, and any applicable exemptions. The tax bill can vary significantly; for example, homeowners in the 25th percentile pay around $60, while those in the 75th percentile face bills closer to $165. The 90th percentile sees tax bills as high as $197. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. While the national median property tax rate stands at 0.99%, Tower's rates offer a comparative perspective, affecting homeowners' annual financial planning and the overall cost of homeownership in the area.
Average Tower Tax Bill
$113
Average Cheboygan County Tax Bill
$843
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Tower, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49792 | $29 | $60 | $113 | $165 | $197 |
Source: Ownwell