Wolverine, Michigan Property Taxes
The median property tax rate in Wolverine, MI is 0.42%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $116,800 in Wolverine, the typical annual property tax bill amounts to $501, well below the national median of $2,690. Property taxes in Wolverine 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 Wolverine'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 Wolverine 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
Wolverine, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.42%
Estimate Property Tax Bill
$491
$455
Ownwell’s Wolverine Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wolverine with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wolverine 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 Wolverine, Michigan
Property taxes in Wolverine, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wolverine is 0.42%, lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Wolverine set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wolverine 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 Wolverine's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49799 zip code has the highest median property tax rate of 0.42%, while the same zip code also has the lowest median tax rate of 0.42%. Understanding how these cities compare with Wolverine 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 Wolverine Tax Rate
0.42%
Average Cheboygan County Tax Rate
0.50%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wolverine, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49799 | 0.32% | 0.36% | 0.42% | 0.51% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Wolverine, Michigan
In Wolverine, 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 Wolverine, 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 Wolverine helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Wolverine are both $501, found in the 49799 zip code.
Average Wolverine Assessed Value
$116,800
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 Wolverine, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49799 | $31,740 | $61,150 | $116,800 | $184,300 | $265,120 |
Source: Ownwell
Property Tax Bills Across Wolverine, Michigan
In Wolverine, 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. This assessed value is typically a percentage of the property's market value. Homeowners in Wolverine can expect a median home price of $116,800. The property tax rate in Wolverine aligns closely with the national median rate of 0.99%, resulting in varying tax bills across the spectrum. For instance, the 25th percentile of property tax bills is around $251, while the 75th percentile rises to $817. At the higher end, the 90th percentile reaches approximately $1,186. These figures indicate that the property tax burden can vary significantly based on the assessed value of individual homes. Homeowners should be aware that their property tax bills can impact their overall financial planning, as these costs are an essential part of homeownership in Wolverine. The highest and lowest median tax bills in the area both stand at $501, highlighting some consistency in tax rates within specific zip codes.
Average Wolverine Tax Bill
$501
Average Cheboygan County Tax Bill
$843
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Wolverine, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49799 | $138 | $251 | $501 | $817 | $1,186 |
Source: Ownwell