Bessemer, Michigan Property Taxes
The median property tax rate in Bessemer, MI is 1.13%, slightly higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Bessemer at $58,864, the typical annual property tax bill amounts to $836, which is significantly lower than the national median of $2,690. Property taxes in Bessemer are determined based on the tax assessed value, which is generally lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Bessemer'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 Bessemer or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bessemer, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.13%
Estimate Property Tax Bill
$665
Ownwell’s Bessemer Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bessemer with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bessemer 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 Bessemer, Michigan
Property taxes in Bessemer, Michigan, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Bessemer is 1.13%, significantly higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Bessemer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bessemer 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 Bessemer's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49911 zip code has the highest median property tax rate of 1.13%, while the same zip code also has the lowest median tax rate of 1.13%. Understanding how these cities compare with Bessemer provides valuable insights into the varying tax landscape across Gogebic County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bessemer Tax Rate
1.13%
Average Gogebic County Tax Rate
1.50%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bessemer, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49911 | 0.56% | 0.74% | 1.13% | 1.24% | 1.65% |
Source: Ownwell
Property Tax Assessment Values Across Bessemer, Michigan
In Bessemer, 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 local 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 Bessemer, 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 Bessemer helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in the region is $836 in the 49911 zip code, which can inform homeowners about potential tax obligations.
Average Bessemer Assessed Value
$58,864
Average Gogebic County Assessed Value
$65,668
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bessemer, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49911 | $2,052 | $31,804 | $58,864 | $98,617 | $164,298 |
Source: Ownwell
Property Tax Bills Across Bessemer, Michigan
In Bessemer, located in Gogebic 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 Bessemer is $58,864. Property tax rates in the area are influenced by local government budgets and funding needs for public services such as schools and infrastructure. Homeowners in Bessemer can expect a range of property tax bills. At the lower end, the 25th percentile tax bill is approximately $545, while the 75th percentile tax bill is about $1,367. For those at the higher end, the 90th percentile tax bill reaches up to $2,133. Interestingly, the highest and lowest median tax bills in the area are both $836, indicating a relatively narrow range of variation in median tax bills within the same zip code, 49911. These property taxes impact homeowners by influencing their overall housing costs, which can affect affordability and long-term financial planning. Compared to the national median property tax rate of 0.99%, Bessemer's rates reflect the unique economic and budgetary needs of the local community.
Average Bessemer Tax Bill
$836
Average Gogebic County Tax Bill
$965
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Bessemer, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49911 | $159 | $545 | $836 | $1,367 | $2,133 |
Source: Ownwell