Pelkie, Michigan Property Taxes
The median property tax rate in Pelkie, MI is 0.73%, which is lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Pelkie at $69,646, the typical annual property tax bill amounts to $466, significantly less than the national median of $2,690. Property taxes in Pelkie are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Pelkie'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 Pelkie 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
Pelkie, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$508
Ownwell’s Pelkie Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pelkie with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pelkie 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 Pelkie, Michigan
Property taxes in Pelkie, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pelkie is 0.73%, lower than both the Michigan state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Pelkie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pelkie 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 Pelkie's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49958 zip code has both the highest and lowest median property tax rate of 0.73%. Understanding how these cities compare with Pelkie 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 Pelkie Tax Rate
0.73%
Average Houghton County Tax Rate
0.94%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pelkie, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49958 | 0.31% | 0.50% | 0.73% | 1.13% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across Pelkie, Michigan
In Pelkie, 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 Pelkie, 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 Pelkie helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Pelkie is $69,646. Homeowners in the 25th percentile can expect a tax bill around $224, while those in the 75th percentile might see a bill close to $867. The highest median tax bill in the area is $466, found in the 49958 zip code, which is also the lowest.
Average Pelkie Assessed Value
$69,646
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 Pelkie, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49958 | $11,781 | $34,638 | $69,646 | $121,588 | $178,134 |
Source: Ownwell
Property Tax Bills Across Pelkie, Michigan
In Pelkie, located in Houghton County, MI, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the property's market value, and this figure is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Pelkie, the median home price is $69,646, and property tax bills can vary significantly. The 25th percentile tax bill stands at $224, while those in the 75th percentile pay around $867. At the higher end, the 90th percentile tax bill reaches $1,356. These property taxes fund essential public services such as schools, infrastructure, and emergency services. Homeowners in Pelkie benefit from relatively low property tax rates compared to the national median property tax rate of 0.99%. The highest and lowest median tax bills in the area are both $466, indicating a relatively uniform tax rate within the city. Understanding these factors can help homeowners budget more effectively and anticipate their annual property tax expenses.
Average Pelkie Tax Bill
$466
Average Houghton County Tax Bill
$879
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Pelkie, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49958 | $108 | $224 | $466 | $867 | $1,356 |
Source: Ownwell