Irons, Michigan Property Taxes
The median property tax rate in Irons, MI is 0.39%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $104,300 in Irons, the typical annual property tax bill amounts to $385, which is well below the national median of $2,690. Property taxes in Irons are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. By understanding Irons' property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're residing in Irons or another part of Lake County, gaining insight into the local property tax system will provide financial benefits and peace of mind.
Last Updated June 14, 2024
Irons, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$407
Ownwell’s Irons Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Irons with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Irons 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 Irons, Michigan
Property taxes in Irons, Michigan, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Irons is 0.39%, significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Irons set these rates annually, and they can vary considerably across different neighborhoods. Each year, Irons 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 Irons' effective property tax rate to other counties in Michigan and the national median. Understanding how these cities compare with Irons provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Irons Tax Rate
0.39%
Average Lake County Tax Rate
0.38%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Irons, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49644 | 0.24% | 0.33% | 0.39% | 0.43% | 0.49% |
Source: Ownwell
Property Tax Assessment Values Across Irons, Michigan
In Irons, 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 Lake 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 Irons, 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 Irons helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 49644 has both the highest and lowest median tax bill, standing at $385.
Average Irons Assessed Value
$104,300
Average Lake County Assessed Value
$80,200
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Irons, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49644 | $31,000 | $55,050 | $104,300 | $177,350 | $282,400 |
Source: Ownwell
Property Tax Bills Across Irons, Michigan
In Irons, MI, located in Lake County, property tax bills are calculated based on the assessed value of a property, which is typically determined by the local assessor's office. The assessed value is a percentage of the property's market value, and the tax rate is applied to this assessed value to determine the annual property tax bill. For homeowners in Irons, the median home price is $104,300. Property tax bills can vary significantly, with the 25th percentile tax bill at $209, the 75th percentile at $661, and the 90th percentile reaching $1085. The highest and lowest median tax bills in the area are both $385, indicating a relatively narrow range for the median tax bills. Compared to the national median property tax rate of 0.99%, homeowners in Irons may find their property tax rates to be relatively manageable. Understanding these factors can help homeowners anticipate their annual property tax obligations and budget accordingly.
Average Irons Tax Bill
$385
Average Lake County Tax Bill
$302
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Irons, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49644 | $125 | $209 | $385 | $661 | $1,085 |
Source: Ownwell