Tawas City, Michigan Property Taxes
The median property tax rate in Tawas City, MI is 2.31%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Tawas City at $60,050, the typical annual property tax bill reaches $1,319, exceeding the national median of $2,690. Property taxes in Tawas City are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Tawas City'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 Tawas City or another part of Iosco County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tawas City, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.31%
Estimate Property Tax Bill
$1,387
$1,287
Ownwell’s Tawas City Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Tawas City with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Tawas City to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is the value assigned by Iosco County for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Tawas City, Michigan
Property taxes in Tawas City, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tawas City is 2.31%, significantly higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Tawas City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tawas City 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 Tawas City's effective property tax rate to other areas in Michigan and the national median. For comparison, the 48764 zip code has the highest median property tax rate of 4.23%, while the 48763 zip code has the lowest median tax rate of 2.31%. Understanding how these areas compare with Tawas City 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 Tawas City Tax Rate
2.31%
Average Iosco County Tax Rate
2.40%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tawas City, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48763 | 1.51% | 1.72% | 2.31% | 3.21% | 4.09% |
| 48764 | 4.23% | 4.23% | 4.23% | 4.23% | 4.23% |
Source: Ownwell
Property Tax Assessment Values Across Tawas City, Michigan
In Tawas City, 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 Tawas City, 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 Tawas City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,320 in zip code 48763, while the lowest is $593 in zip code 48764.
Average Tawas City Assessed Value
$60,050
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 Tawas City, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48763 | $17,720 | $37,000 | $60,100 | $93,950 | $139,400 |
| 48764 | $14,000 | $14,000 | $14,000 | $14,000 | $14,000 |
Source: Ownwell
Property Tax Bills Across Tawas City, Michigan
In Tawas City, located in Iosco County, MI, property tax bills are calculated based on the assessed value of a home, which is often a percentage of its market value. The median home price in Tawas City is $60,050. To determine the tax bill, local tax rates are applied to this assessed value. Several factors influence the final tax amount, including the property's location, any applicable exemptions, and local government budgets. Homeowners in Tawas City can expect their property tax bills to vary significantly. At the 25th percentile, tax bills are around $847, while at the 75th percentile, they can reach up to $2,068. For those at the 90th percentile, the tax bill can be as high as $3,703. The highest median tax bill in the area is $1,320 in ZIP code 48763, whereas the lowest is $593 in ZIP code 48764. Comparatively, the national median property tax rate is 0.99%, highlighting the variability in property tax burdens within the region.
Average Tawas City Tax Bill
$1,319
Average Iosco County Tax Bill
$1,150
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Tawas City, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48763 | $450 | $848 | $1,320 | $2,068 | $3,703 |
| 48764 | $593 | $593 | $593 | $593 | $593 |
Source: Ownwell