Ithaca, Michigan Property Taxes
The median property tax rate in Ithaca, MI is 0.32%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Ithaca, the typical annual property tax bill is $398, well below the national median of $2,690. Property taxes in Ithaca are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Ithaca'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 Ithaca 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
Ithaca, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.32%
Estimate Property Tax Bill
$390
$362
Ownwell’s Ithaca Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ithaca with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ithaca 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 Ithaca, Michigan
Property taxes in Ithaca, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ithaca is 0.32%, significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Ithaca set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ithaca 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 Ithaca's effective property tax rate to other counties in Michigan and the national median. For comparison, the highest median property tax rate in Michigan is 1.83%, while the lowest median tax rate is 0.62%. Understanding how these cities compare with Ithaca provides valuable insights into the varying tax landscape across Gratiot County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ithaca Tax Rate
0.32%
Average Gratiot County Tax Rate
0.33%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ithaca, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48847 | 0.20% | 0.25% | 0.32% | 0.42% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Ithaca, Michigan
In Ithaca, 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 Gratiot 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 Ithaca, 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 Ithaca helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, in the 48847 zip code, the median tax bill is $398, highlighting the need for strategic tax planning.
Average Ithaca Assessed Value
$122,000
Average Gratiot County Assessed Value
$112,300
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ithaca, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48847 | $44,800 | $87,600 | $122,000 | $168,000 | $220,400 |
Source: Ownwell
Property Tax Bills Across Ithaca, Michigan
Property tax bills in Ithaca, located in Gratiot County, MI, are calculated based on the assessed value of a property, which is typically a percentage of the market value. For instance, with a median home price of $122,000, the tax bill can vary significantly. Factors such as property location, improvements, and local tax rates play a crucial role in determining the final bill. In Ithaca, the tax bills range from $284 at the 25th percentile to $796 at the 90th percentile. The median tax bill stands at $398, which is relatively modest compared to the national median property tax rate of 0.99%. This means that homeowners in Ithaca may find their property tax obligations more manageable than in other regions. However, the variability in tax bills suggests that individual circumstances and property specifics can lead to different financial impacts on homeowners. Understanding these factors can help property owners anticipate their tax liabilities better.
Average Ithaca Tax Bill
$398
Average Gratiot County Tax Bill
$380
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Ithaca, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48847 | $214 | $284 | $398 | $568 | $796 |
Source: Ownwell