Port Hope, Michigan Property Taxes
The median property tax rate in Port Hope, MI is 1.19%, notably higher than both the national median of 0.99% and Michigan's state median of 1.07%. With the median home value in Port Hope at $97,400, the typical annual property tax bill reaches $1,111, exceeding the national median of $2,690. Property taxes in Port Hope 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 Port Hope'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 Port Hope 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
Port Hope, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.19%
Estimate Property Tax Bill
$1,159
Ownwell’s Port Hope Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Port Hope with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Port Hope 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 Port Hope, Michigan
Property taxes in Port Hope, Michigan, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Port Hope is 1.19%, higher than the U.S. national median of 0.99%. Local government entities within Port Hope set these rates annually, and they can vary significantly across different neighborhoods. Each year, Port Hope 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 Port Hope's effective property tax rate to other areas in Michigan and the national median. For comparison, the zip code 48468 has the highest median property tax rate of 1.19%, while the lowest median tax rate is also 1.19%. Understanding how these cities compare with Port Hope provides valuable insights into the varying tax landscape across Huron County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Port Hope Tax Rate
1.19%
Average Huron County Tax Rate
1.19%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Port Hope, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48468 | 0.69% | 0.85% | 1.19% | 1.60% | 1.89% |
Source: Ownwell
Property Tax Assessment Values Across Port Hope, Michigan
In Port Hope, 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 local authorities 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 Port Hope, 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 Port Hope helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Port Hope is $97,400, with tax bills ranging from $694 at the 25th percentile to $3,242 at the 90th percentile. Notably, zip code 48468 has both the highest and lowest median tax bills at $1,111.
Average Port Hope Assessed Value
$97,400
Average Huron County Assessed Value
$119,000
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Port Hope, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48468 | $33,840 | $57,400 | $97,400 | $165,600 | $254,320 |
Source: Ownwell
Property Tax Bills Across Port Hope, Michigan
In Port Hope, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Port Hope is $97,400. Property taxes are then calculated by applying the local tax rate to this assessed value. Factors such as market conditions, property improvements, and neighborhood characteristics can influence the assessed value. Homeowners in Port Hope can expect their tax bills to vary significantly. At the 25th percentile, tax bills are around $694, while at the 75th percentile, they can reach up to $2005. The highest tax bills, at the 90th percentile, are approximately $3242. These figures highlight the range of property tax burdens that homeowners might face, depending on their property's assessed value. Comparing these figures to the national median property tax rate of 0.99%, Port Hope's rates can be seen as relatively moderate, providing a balanced perspective on the local property tax landscape.
Average Port Hope Tax Bill
$1,111
Average Huron County Tax Bill
$1,405
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Port Hope, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48468 | $443 | $694 | $1,111 | $2,005 | $3,242 |
Source: Ownwell