Hanover Park, Michigan Property Taxes
The median property tax rate in Hanover Park, MI is 1.61%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Hanover Park, the typical annual property tax bill reaches $1,642, exceeding the national median of $2,690. Property taxes in Hanover Park 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 Hanover Park'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 Hanover Park 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
Hanover Park, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.61%
Estimate Property Tax Bill
$1,642
Ownwell’s Hanover Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hanover Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hanover Park 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 Hanover Park, Michigan
Property taxes in Hanover Park, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hanover Park is 1.61%, significantly higher than the U.S. national median of 0.99%. Local government entities within Hanover Park set these rates annually, and they can vary considerably across different neighborhoods. Each year, Hanover Park 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 Hanover Park's effective property tax rate to other counties in Michigan and the national median. For comparison, the zip code 60133 has both the highest and lowest median property tax rate of 1.61%. Understanding how these areas compare with Hanover Park 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 Hanover Park Tax Rate
1.61%
Average Iron County Tax Rate
0.75%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hanover Park, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60133 | 1.61% | 1.61% | 1.61% | 1.61% | 1.61% |
Source: Ownwell
Property Tax Assessment Values Across Hanover Park, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hanover Park, Michigan. 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 Hanover Park, 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. For instance, the median home price is $102,000, and the median tax bill is $1,642, which is significantly higher than the national median property tax rate of 0.99%. The zip code 60133 has both the highest and lowest median tax bills at $1,642. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hanover Park Assessed Value
$102,000
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 Hanover Park, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60133 | $102,000 | $102,000 | $102,000 | $102,000 | $102,000 |
Source: Ownwell
Property Tax Bills Across Hanover Park, Michigan
In Hanover Park, MI, property tax bills are calculated based on the assessed value of the home, which is a percentage of its market value. The median home price in Hanover Park is $102,000. Property taxes are determined by multiplying the assessed value by the local tax rate. For homeowners in Hanover Park, the tax bill is consistent across various percentiles, with the 25th, 75th, and 90th percentiles all at $1,642. This suggests a uniformity in tax assessments within the city. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Hanover Park's property taxes can be considered moderate. For homeowners, this means a predictable annual expense, which can aid in financial planning. However, the uniformity in tax bills also indicates that there may be limited variation in property values within the area, affecting potential resale value and investment growth.
Average Hanover Park Tax Bill
$1,642
Average Iron County Tax Bill
$661
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Hanover Park, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60133 | $1,642 | $1,642 | $1,642 | $1,642 | $1,642 |
Source: Ownwell