Iron County Property Taxes
The median property tax rate in Iron County is 0.75%, which is significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Iron County at $75,910, the typical annual property tax bill is $661, far below the national median of $2,690. Property taxes in Iron County are calculated based on the tax assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Iron County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Iron River or another part of Iron County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Iron County Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$569
$528
Ownwell’s Iron County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Iron County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Iron County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Iron County, Michigan
Property taxes in Iron County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Iron County is 0.75%, which is lower than the Michigan state median but still below the U.S. national median of 0.99%. Local government entities within Iron County set these rates annually, and they can vary significantly between different areas within the county. Each year, Iron County estimates its required budget to maintain services for the upcoming fiscal year, and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. For comparison, the city of Caspian has one of the higher property tax rates in Michigan at 1.66%, while the city of Alpha boasts one of the lowest at 0.48%. Analyzing how Iron County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Iron County Tax Rate
0.75%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Iron County, Michigan
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Alpha | 0.34% | 0.44% | 0.48% | 0.53% | 0.62% |
| Amasa | 0.25% | 0.38% | 0.50% | 0.62% | 0.62% |
| Caspian | 1.42% | 1.59% | 1.66% | 2.40% | 2.52% |
| Chesaning | 0.82% | 0.82% | 0.82% | 0.82% | 0.82% |
| Crystal Falls | 0.30% | 0.48% | 0.62% | 0.80% | 1.45% |
| Flint | 1.48% | 1.48% | 1.48% | 1.48% | 1.48% |
| Gaastra | 0.48% | 0.91% | 1.45% | 1.70% | 2.27% |
| Hanover Park | 1.61% | 1.61% | 1.61% | 1.61% | 1.61% |
| Iron Mountain | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% |
| Iron River | 0.44% | 0.66% | 1.13% | 1.58% | 1.99% |
| Lawrence | 0.92% | 0.92% | 0.92% | 0.92% | 0.92% |
| Phelps | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
| Republic | 0.21% | 0.27% | 0.33% | 0.38% | 0.52% |
| Trout Creek | 0.44% | 0.49% | 0.70% | 1.13% | 1.55% |
Source: Ownwell
Property Tax Assessment Values Across Iron County, Michigan
In Iron County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Iron County Appraisal District. The assessed value, however, 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. Assessment notices in Iron County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. In Iron County, the city with the highest median tax bill is Hanover Park at $1,642, while Alpha has the lowest at $148. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Being aware of these valuation processes in Iron County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Iron County Assessed Value
$75,910
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Iron County, Michigan
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Alpha | $1,200 | $2,400 | $37,000 | $57,800 | $77,000 |
| Amasa | $7,660 | $21,700 | $41,220 | $69,540 | $122,380 |
| Caspian | $22,482 | $28,835 | $39,060 | $59,780 | $106,056 |
| Chesaning | $102,200 | $102,200 | $102,200 | $102,200 | $102,200 |
| Crystal Falls | $30,508 | $55,340 | $93,500 | $158,200 | $256,760 |
| Flint | $19,800 | $19,800 | $19,800 | $19,800 | $19,800 |
| Gaastra | $3,804 | $21,300 | $46,440 | $78,200 | $162,812 |
| Hanover Park | $102,000 | $102,000 | $102,000 | $102,000 | $102,000 |
| Iron Mountain | $143,400 | $143,400 | $143,400 | $143,400 | $143,400 |
| Iron River | $10,000 | $39,820 | $73,120 | $139,400 | $246,600 |
| Lawrence | $111,400 | $111,400 | $111,400 | $111,400 | $111,400 |
| Phelps | $103,180 | $116,350 | $138,300 | $160,250 | $173,420 |
| Republic | $57,480 | $84,750 | $100,300 | $184,400 | $341,480 |
| Trout Creek | $69,680 | $92,950 | $169,800 | $253,350 | $366,520 |
Source: Ownwell
Property Tax Bills Across Iron County, Michigan
In Iron County, MI, property tax bills are calculated based on the assessed value of a home, which is typically determined as a percentage of its market value. The local property tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as the home's location, size, and any applicable exemptions can influence the assessed value. For instance, the median home price in Iron County is $75,910. Homeowners in the 25th percentile of tax bills pay around $328, while those in the 75th percentile see bills closer to $1,154. The highest tax bills reach up to $1,963, which is significantly lower than the national median property tax rate of 0.99%. This relatively low tax burden can make Iron County an attractive option for homeowners, especially when compared to cities like Hanover Park, where median tax bills are as high as $1,642. Conversely, Alpha boasts the lowest median tax bill at just $148, offering even more relief for property owners.
Average Iron County Tax Bill
$661
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Iron County, Michigan
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Alpha | $6 | $12 | $148 | $254 | $374 |
| Amasa | $27 | $85 | $192 | $338 | $673 |
| Caspian | $397 | $529 | $731 | $1,091 | $1,717 |
| Chesaning | $838 | $838 | $838 | $838 | $838 |
| Crystal Falls | $143 | $317 | $575 | $1,040 | $1,738 |
| Flint | $292 | $292 | $292 | $292 | $292 |
| Gaastra | $44 | $202 | $629 | $1,043 | $1,608 |
| Hanover Park | $1,642 | $1,642 | $1,642 | $1,642 | $1,642 |
| Iron Mountain | $1,405 | $1,405 | $1,405 | $1,405 | $1,405 |
| Iron River | $88 | $408 | $759 | $1,296 | $2,183 |
| Lawrence | $1,028 | $1,028 | $1,028 | $1,028 | $1,028 |
| Phelps | $753 | $849 | $1,009 | $1,169 | $1,264 |
| Republic | $128 | $275 | $378 | $679 | $1,061 |
| Trout Creek | $479 | $748 | $1,209 | $1,949 | $2,748 |
Source: Ownwell