Iron River, Michigan Property Taxes
The median property tax rate in Iron River, MI is 1.13%, slightly higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Iron River, the typical annual property tax bill reaches $759, which is significantly lower than the national median of $2,690. Property taxes in Iron River 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 Iron River'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 Iron River 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
Iron River, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.13%
Estimate Property Tax Bill
$826
$767
Ownwell’s IRON RIVER Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in IRON RIVER with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in IRON RIVER 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 Iron River, Michigan
Property taxes in IRON RIVER, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in IRON RIVER is 1.13%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within IRON RIVER set these rates annually, and they can vary significantly across different neighborhoods. Each year, IRON RIVER 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 IRON RIVER's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49935 zip code has the highest median property tax rate of 1.13%, while the same zip code also has the lowest median tax rate of 1.13%. Understanding how these cities compare with IRON RIVER 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 Iron River Tax Rate
1.13%
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 River, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49935 | 0.44% | 0.66% | 1.13% | 1.58% | 1.99% |
Source: Ownwell
Property Tax Assessment Values Across Iron River, Michigan
In Iron River, 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 Iron River, 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 Iron River helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 49935 has the highest and lowest median tax bill at $759.
Average Iron River Assessed Value
$73,120
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 River, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49935 | $10,000 | $39,820 | $73,120 | $139,400 | $246,600 |
Source: Ownwell
Property Tax Bills Across Iron River, Michigan
Property tax bills in Iron River, located in Iron County, MI, are calculated based on the assessed value of a property, which is determined by the local tax assessor. This assessed value is typically a percentage of the market value of the home. In Iron River, homeowners experience a range of property tax bills, with the 25th percentile paying around $408 and the 75th percentile paying up to $1,296 annually. The 90th percentile sees tax bills as high as $2,183. Several factors influence the property tax bill, including the property's location, size, and condition, as well as any applicable exemptions or deductions. The median home price in Iron River is $73,120, which influences the overall tax burden. Comparing this to the national median property tax rate of 0.99%, homeowners in Iron River may find their tax rates relatively manageable. However, these taxes significantly impact homeowners, as they contribute to local services such as schools, infrastructure, and emergency services, ultimately affecting the quality of life in the community.
Average Iron River Tax Bill
$759
Average Iron County Tax Bill
$661
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Iron River, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49935 | $88 | $408 | $759 | $1,296 | $2,183 |
Source: Ownwell