Mikado, Michigan Property Taxes
The median property tax rate in Mikado, MI is 2.00%, significantly higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Mikado at $59,450, the typical annual property tax bill reaches $1,198, surpassing the national median of $2,690. Property taxes in Mikado 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 Mikado'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 Mikado 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
Mikado, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2%
Estimate Property Tax Bill
$1,189
$1,103
Ownwell’s Mikado Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mikado with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mikado 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 Mikado, Michigan
Property taxes in Mikado, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mikado is 2.00%, significantly higher than the U.S. national median of 0.99%. Local government entities within Mikado set these rates annually, and they can vary across different neighborhoods. Each year, Mikado 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 Mikado's effective property tax rate to other regions and the national median. For comparison, the zip code 48745 has the highest median property tax rate of 2.00%, while the same zip code also has the lowest median tax rate of 2.00%. Understanding how these areas compare with Mikado 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 Mikado Tax Rate
2.00%
Average Iosco County Tax Rate
2.40%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mikado, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48745 | 1.66% | 1.71% | 2.00% | 2.99% | 3.34% |
Source: Ownwell
Property Tax Assessment Values Across Mikado, Michigan
In Mikado, 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 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 Mikado, 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 Mikado helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Mikado is $1198 in the 48745 zip code, while the lowest median tax bill is also $1198 in the same zip code.
Average Mikado Assessed Value
$59,450
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 Mikado, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48745 | $36,450 | $46,650 | $59,450 | $73,750 | $125,100 |
Source: Ownwell
Property Tax Bills Across Mikado, Michigan
Property tax bills in Mikado, located in Iosco County, MI, are calculated based on the assessed value of a property, which is typically a percentage of its market value. The local tax rate, or millage rate, is then applied to this assessed value to determine the annual tax bill. For example, with a median home price of $59,450, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is approximately $991, while at the 75th percentile, it rises to about $1,858. The 90th percentile sees tax bills around $2,404. Factors such as property improvements, neighborhood changes, and local government budgets also influence the assessed value, thereby affecting the tax bill. For homeowners, this means that their annual tax obligation can vary significantly based on these factors. Compared to the national median property tax rate of 0.99%, Mikado's property tax rates show a range of impacts on homeowners, reflecting the local economic and real estate conditions.
Average Mikado Tax Bill
$1,198
Average Iosco County Tax Bill
$1,150
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Mikado, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48745 | $850 | $991 | $1,198 | $1,858 | $2,404 |
Source: Ownwell