Crystal Falls, Iron County, Michigan Property Taxes
The median property tax rate in Crystal Falls, MI is 0.62%, considerably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Crystal Falls, the typical annual property tax bill reaches $575, significantly below the national median of $2,690. Property taxes in Crystal Falls 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 Crystal Falls' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Crystal Falls 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
Crystal Falls, Iron County, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$580
$538
Ownwell’s Crystal Falls Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Crystal Falls with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Crystal Falls 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 Crystal Falls, Iron County, Michigan
Property taxes in Crystal Falls, Michigan, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Crystal Falls is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within Crystal Falls set these rates annually, and they can vary significantly across different neighborhoods. Each year, Crystal Falls 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 Crystal Falls' effective property tax rate to other areas and the national median. For comparison, the 49920 zip code has the highest median property tax rate of 0.62%, while the same zip code also has the lowest median tax rate of 0.62%. Understanding how these rates compare with Crystal Falls 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 Crystal Falls Tax Rate
0.62%
Average Iron County Tax Rate
0.75%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Crystal Falls, Iron County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49920 | 0.30% | 0.48% | 0.62% | 0.80% | 1.45% |
Source: Ownwell
Property Tax Assessment Values Across Crystal Falls, Iron County, Michigan
In Crystal Falls, 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 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 Crystal Falls, 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. The median home price in Crystal Falls is $93,500, with tax bills ranging from $317 at the 25th percentile to $1,738 at the 90th percentile. The zip code with the highest median tax bill is 49920, at $575. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Crystal Falls, Iron County, Michigan
Source: Ownwell
$37,000
$103,400
$169,800
Average Crystal Falls Assessed Value
$93,500
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 Crystal Falls, Iron County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49920 | $30,508 | $55,340 | $93,500 | $158,200 | $256,760 |
Source: Ownwell
Property Tax Bills Across Crystal Falls, Iron County, Michigan
In Crystal Falls, located in Iron County, MI, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is typically a percentage of the market value, and this figure is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $93,500, homeowners can expect their property tax bill to vary significantly. The 25th percentile tax bill is around $317, while the 75th percentile tax bill reaches $1,040, and the 90th percentile tax bill can be as high as $1,738. These variations highlight how different factors such as property improvements, neighborhood developments, and changes in market conditions can impact the assessed value and consequently the tax bill. Compared to the national median property tax rate of 0.99%, the rates in Crystal Falls can result in a diverse range of tax obligations for homeowners, affecting their annual budgeting and financial planning.
Average Crystal Falls Tax Bill
$575
Average Iron County Tax Bill
$661
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Crystal Falls, Iron County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49920 | $143 | $317 | $575 | $1,040 | $1,738 |
Source: Ownwell