Hubbell, Michigan Property Taxes
The median property tax rate in Hubbell, MI is 0.69%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Hubbell, the typical annual property tax bill reaches $491, well below the national median of $2,690. Property taxes in Hubbell 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 Hubbell'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 Hubbell 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
Hubbell, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$461
Ownwell’s Hubbell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hubbell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hubbell 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 Hubbell, Michigan
Property taxes in Hubbell, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hubbell is 0.69%, lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Hubbell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hubbell 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 Hubbell's effective property tax rate to other areas in Michigan and the national median. For comparison, the 49934 zip code has the same median property tax rate of 0.69%. Understanding how these areas compare with Hubbell 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 Hubbell Tax Rate
0.69%
Average Houghton County Tax Rate
0.94%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hubbell, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49934 | 0.42% | 0.56% | 0.69% | 1.06% | 1.57% |
Source: Ownwell
Property Tax Assessment Values Across Hubbell, Michigan
In Hubbell, 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 Hubbell, 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 Hubbell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Hubbell are both $491, found in the 49934 zip code.
Average Hubbell Assessed Value
$66,849
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 Hubbell, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49934 | $26,359 | $47,452 | $66,849 | $92,685 | $119,753 |
Source: Ownwell
Property Tax Bills Across Hubbell, Michigan
In Hubbell, MI, located in Houghton County, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. For instance, with a median home price of $66,849, the tax bill can vary significantly. The assessed value is then multiplied by the local tax rate to determine the annual property tax owed. Factors such as property size, location, and any applicable exemptions also play a role in the final tax bill. In Hubbell, the 25th percentile tax bill is around $330, while the 75th percentile reaches up to $744, indicating a range of tax burdens among homeowners. The 90th percentile tax bill can go as high as $1,045. This variation can significantly impact homeowners, influencing their overall cost of living and potentially affecting property values. Compared to the national median property tax rate of 0.99%, Hubbell's property taxes can be relatively manageable, but still, they represent a crucial consideration for current and prospective homeowners.
Average Hubbell Tax Bill
$491
Average Houghton County Tax Bill
$879
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Hubbell, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49934 | $210 | $330 | $491 | $744 | $1,045 |
Source: Ownwell