Oscoda, Michigan Property Taxes
The median property tax rate in Oscoda, MI is 2.35%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Oscoda at $48,100, the typical annual property tax bill reaches $1,088, exceeding the national median of $2,690. Property taxes in Oscoda 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 Oscoda'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 Oscoda 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
Oscoda, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$1,130
Ownwell’s Oscoda Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oscoda with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oscoda 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 Oscoda, Michigan
Property taxes in Oscoda, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oscoda is 2.35%, significantly higher than the U.S. national median of 0.99%. Local government entities within Oscoda set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oscoda 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 Oscoda's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48750 zip code has both the highest and lowest median property tax rate of 2.35%. Understanding how these cities compare with Oscoda 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 Oscoda Tax Rate
2.35%
Average Iosco County Tax Rate
2.40%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oscoda, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48750 | 1.58% | 1.77% | 2.35% | 3.18% | 3.83% |
Source: Ownwell
Property Tax Assessment Values Across Oscoda, Michigan
In Oscoda, 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 Oscoda, 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 Oscoda helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 48750 has both the highest and lowest median tax bill at $1,088.
Average Oscoda Assessed Value
$48,100
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 Oscoda, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48750 | $17,000 | $34,400 | $48,100 | $74,500 | $118,240 |
Source: Ownwell
Property Tax Bills Across Oscoda, Michigan
In Oscoda, property tax bills are calculated based on the assessed value of a home, which is determined by the Iosco County assessor's office. The assessed value typically reflects a percentage of the property's market value. Homeowners in Oscoda can expect their property tax bills to vary significantly depending on the value of their property and the specific tax rates applied by local taxing authorities. For instance, the median home price in Oscoda is $48,100. Property tax bills in the area range widely, with the 25th percentile tax bill at $708 and the 75th percentile tax bill at $1,843. At the higher end, the 90th percentile tax bill can reach up to $3,278. These tax bills are influenced by various factors, including local government budgets, school funding needs, and infrastructure projects. Compared to the national median property tax rate of 0.99%, Oscoda's tax rates can have a substantial impact on homeowners, affecting their overall cost of living and financial planning. The highest and lowest median tax bills in Oscoda both stand at $1,088, indicating a relatively consistent tax environment within the zip code 48750.
Average Oscoda Tax Bill
$1,088
Average Iosco County Tax Bill
$1,150
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Oscoda, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48750 | $449 | $708 | $1,088 | $1,843 | $3,278 |
Source: Ownwell