Whittemore, Michigan Property Taxes
The median property tax rate in Whittemore, MI is 2.09%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Whittemore at $41,175, the typical annual property tax bill reaches $884, which is lower than the national median of $2,690. Property taxes in Whittemore 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 Whittemore'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 Whittemore 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
Whittemore, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.09%
Estimate Property Tax Bill
$861
$799
Ownwell’s Whittemore Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Whittemore with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Whittemore 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 Iosco County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Whittemore, Michigan
Property taxes in Whittemore, Michigan, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Whittemore is 2.09%, significantly higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Whittemore set these rates annually, and they can vary significantly across different neighborhoods. Each year, Whittemore 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 Whittemore's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48770 zip code has the highest median property tax rate of 2.09%, while the 48770 zip code also has the lowest median tax rate of 2.09%. Understanding how these cities compare with Whittemore 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 Whittemore Tax Rate
2.09%
Average Iosco County Tax Rate
2.40%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Whittemore, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48770 | 1.45% | 1.70% | 2.09% | 2.91% | 3.56% |
Source: Ownwell
Property Tax Assessment Values Across Whittemore, Michigan
In Whittemore, 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 Whittemore, 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 Whittemore helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bills is 48770, with a median tax bill of $884.
Average Whittemore Assessed Value
$41,175
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 Whittemore, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48770 | $14,500 | $24,425 | $41,175 | $67,550 | $94,900 |
Source: Ownwell
Property Tax Bills Across Whittemore, Michigan
In Whittemore, located in Iosco County, MI, property tax bills are determined by a combination of the assessed value of the property and the local tax rate. The assessed value is typically a percentage of the market value of the home. For example, with a median home price of $41,175, the tax bill can vary significantly based on the specific assessment and applicable exemptions. Homeowners in Whittemore can expect their property tax bills to range widely. At the 25th percentile, the tax bill is around $583, while at the 75th percentile, it reaches approximately $1,357. For those in the 90th percentile, the tax bill can be as high as $1,862. These figures show a broad spectrum of potential tax liabilities, influenced by factors such as property improvements, neighborhood developments, and changes in local tax policies. The median property tax rate in Whittemore is 0.99%, aligning with the national average. This rate ensures that homeowners contribute to community services and infrastructure, impacting overall affordability and financial planning for residents.
Average Whittemore Tax Bill
$884
Average Iosco County Tax Bill
$1,150
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Whittemore, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48770 | $342 | $583 | $884 | $1,357 | $1,862 |
Source: Ownwell