East Tawas, Michigan Property Taxes
The median property tax rate in East Tawas, MI is 2.44%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in East Tawas at $62,950, the typical annual property tax bill reaches $1,489, exceeding the national median of $2,690. Property taxes in East Tawas 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 East Tawas'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 East Tawas 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
East Tawas, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.44%
Estimate Property Tax Bill
$1,536
$1,425
Ownwell’s East Tawas Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in East Tawas with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in East Tawas 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 East Tawas, Michigan
Property taxes in East Tawas, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in East Tawas is 2.44%, significantly higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within East Tawas set these rates annually, and they can vary significantly across different neighborhoods. Each year, East Tawas 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 East Tawas's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48730 zip code has the highest median property tax rate of 2.44%, while the same zip code also has the lowest median tax rate of 2.44%. Understanding how these cities compare with East Tawas provides valuable insights into the varying tax landscape across Iosco County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average East Tawas Tax Rate
2.44%
Average Iosco County Tax Rate
2.40%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across East Tawas, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48730 | 1.46% | 1.87% | 2.44% | 3.05% | 3.68% |
Source: Ownwell
Property Tax Assessment Values Across East Tawas, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in East Tawas, Michigan. 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 Iosco 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 East Tawas, 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 East Tawas helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill in the area is 48730, with a value of $1,489, while the lowest median tax bill is also $1,489 in the same zip code.
Average East Tawas Assessed Value
$62,950
Average Iosco County Assessed Value
$51,600
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across East Tawas, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48730 | $26,210 | $42,000 | $62,950 | $95,800 | $153,880 |
Source: Ownwell
Property Tax Bills Across East Tawas, Michigan
In East Tawas, located in Iosco County, MI, property tax bills are calculated based on the assessed value of the home, which is determined by the local assessor. This assessed value is a percentage of the market value of the property. The tax rate, or millage rate, is then applied to this assessed value to calculate the tax bill. For example, the median home price in East Tawas is $62,950. Factors influencing the tax bill include the local tax rate, property improvements, and any applicable exemptions. The tax bill can vary significantly, with the 25th percentile at $1,015 and the 75th percentile at $2,273. The 90th percentile sees tax bills as high as $3,556. These taxes directly impact homeowners by funding essential public services such as schools, infrastructure, and emergency services. Comparatively, the property tax rate in East Tawas is higher than the national median rate of 0.99%, reflecting the specific needs and budget requirements of the local community.
Average East Tawas Tax Bill
$1,489
Average Iosco County Tax Bill
$1,150
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across East Tawas, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48730 | $667 | $1,015 | $1,489 | $2,273 | $3,556 |
Source: Ownwell