Alpha, Iron County, Michigan Property Taxes
The median property tax rate in ALPHA, MI is 0.48%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in ALPHA, the typical annual property tax bill is $148, far below the national median of $2,690. Property taxes in ALPHA are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding ALPHA'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 ALPHA 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
Alpha, Iron County, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$178
$165
Ownwell’s ALPHA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in ALPHA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ALPHA 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 Alpha, Iron County, Michigan
Property taxes in ALPHA, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in ALPHA is 0.48%, which is lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within ALPHA set these rates annually, and they can vary significantly across different neighborhoods. Each year, ALPHA 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 ALPHA's effective property tax rate to other counties in Michigan and the national median. For comparison, the zip code 49902 has the highest median property tax rate of 0.48%, while the same zip code also has the lowest median tax rate of 0.48%. Understanding how these cities compare with ALPHA provides valuable insights into the varying tax landscape across Iron County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Alpha Tax Rate
0.48%
Average Iron County Tax Rate
0.75%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Alpha, Iron County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49902 | 0.34% | 0.44% | 0.48% | 0.53% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Alpha, Iron County, Michigan
In ALPHA, 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 Iron County Assessor 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 ALPHA, 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 ALPHA helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the zip code with the highest median tax bill is 49902, amounting to $148, while the same zip code also has the lowest median tax bill at $148.
Property Tax Assessment Values Across Alpha, Iron County, Michigan
Source: Ownwell
$37,000
$103,400
$169,800
Average Alpha Assessed Value
$37,000
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 Alpha, Iron County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49902 | $1,200 | $2,400 | $37,000 | $57,800 | $77,000 |
Source: Ownwell
Property Tax Bills Across Alpha, Iron County, Michigan
In ALPHA, located in Iron County, MI, property tax bills are determined based on the assessed value of the property, which is a percentage of its market value. The local tax rate, applied to this assessed value, ultimately dictates the tax bill. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in ALPHA, the median home price stands at $37,000. Property tax bills can vary significantly, with the 25th percentile at $12 and the 75th percentile reaching $254. At the 90th percentile, tax bills can go up to $374. The highest and lowest median tax bills in the area are both reported at $148 within the 49902 zip code. Compared to the national median property tax rate of 0.99%, ALPHA residents benefit from relatively low property tax bills, making homeownership more affordable. However, understanding how these factors interplay is crucial for homeowners to anticipate their annual tax obligations accurately.
Average Alpha Tax Bill
$148
Average Iron County Tax Bill
$661
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Alpha, Iron County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49902 | $6 | $12 | $148 | $254 | $374 |
Source: Ownwell