Dollar Bay, Michigan Property Taxes
The median property tax rate in Dollar Bay, MI is 0.85%, which is lower than both the national median of 0.99% and Michigan's state median of 1.07%. With a median home value of $101,580 in Dollar Bay, the typical annual property tax bill amounts to $822, significantly below the national median of $2,690. Property taxes in Dollar Bay are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, including primary residence and agricultural exemptions. Understanding Dollar Bay'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 Dollar Bay or another part of Houghton County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Dollar Bay, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$863
Ownwell’s Dollar Bay Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Dollar Bay with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Dollar Bay 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 Dollar Bay, Michigan
Property taxes in Dollar Bay, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Dollar Bay is 0.85%, lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Dollar Bay set these rates annually, and they can vary significantly across different neighborhoods. Each year, Dollar Bay 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 Dollar Bay's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49922 zip code has the highest median property tax rate of 0.85%, while the 49922 zip code has the lowest median tax rate of 0.85%. Understanding how these cities compare with Dollar Bay provides valuable insights into the varying tax landscape across Houghton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Dollar Bay Tax Rate
0.85%
Average Houghton County Tax Rate
0.94%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Dollar Bay, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49922 | 0.43% | 0.60% | 0.85% | 1.04% | 1.71% |
Source: Ownwell
Property Tax Assessment Values Across Dollar Bay, Michigan
In Dollar Bay, 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 Houghton 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 Dollar Bay, 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 Dollar Bay helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in this area is $101,580, with the highest and lowest median tax bills both being $822 in the 49922 zip code.
Average Dollar Bay Assessed Value
$101,580
Average Houghton County Assessed Value
$95,531
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Dollar Bay, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49922 | $36,200 | $72,270 | $101,580 | $153,819 | $228,624 |
Source: Ownwell
Property Tax Bills Across Dollar Bay, Michigan
In Dollar Bay, Houghton County, MI, property tax bills are calculated based on the assessed value of the property, which is typically a percentage of the market value. For homeowners in this area, the median home price is $101,580. Property tax rates are applied to this assessed value to determine the annual tax bill. For example, the tax bills range from $491 at the 25th percentile to $2,016 at the 90th percentile, reflecting variations in property values and applicable exemptions. Several factors influence the final tax bill, including property improvements, neighborhood developments, and local government budgets. These factors can lead to fluctuations in assessed values and, consequently, the tax amounts. For homeowners, understanding these elements is crucial as they directly impact annual expenses. Compared to the national median property tax rate of 0.99%, Dollar Bay's rates offer a glimpse into the localized nature of property taxation and its effects on homeowners' financial planning.
Average Dollar Bay Tax Bill
$822
Average Houghton County Tax Bill
$879
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Dollar Bay, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49922 | $317 | $491 | $822 | $1,277 | $2,016 |
Source: Ownwell