Luce County, Michigan Property Taxes
The median property tax rate in Luce County is 0.96%, which is slightly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Luce County at $65,400, the typical annual property tax bill is approximately $597, significantly below the national median of $2,690. Property taxes in Luce County are determined based on the tax assessed value, which is often lower than the actual market value due to various property tax exemptions, such as those for primary residences and agricultural properties. Understanding Luce County's property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can lead to substantial annual savings. Whether you reside in Newberry or another part of Luce County, having a thorough knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Luce County, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$628
$583
Ownwell’s Luce County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Luce County with just two data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Luce County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Luce County, Michigan
Property taxes in Luce County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Luce County is 0.96%, which is lower than the U.S. national median of 0.99%. Local government entities within Luce County set these rates annually, and they can vary significantly between different areas within the county. Each year, Luce County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. For comparison, the city of McMillan has one of the higher property tax rates in Michigan at 1.31%, while the city of Newberry boasts one of the lowest at 0.93%. Analyzing how Luce County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Luce County Tax Rate
0.96%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Assessment Values Across Luce County, Michigan
In Luce County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Luce County Appraisal District. The assessed value, however, 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. Assessment notices in Luce County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. In Luce County, the highest median tax bill is found in Mc Millan at $599, while Newberry has the lowest at $597. Being aware of these valuation processes will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Luce County Assessed Value
$65,400
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Bills Across Luce County, Michigan
In Luce County, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is typically a percentage of the property's market value. Factors such as location, size, and condition of the property all play a role in determining this value. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For homeowners in Luce County, the median home price is $65,400. Tax bills vary significantly, with the 25th percentile at $359 and the 75th percentile at $958. The 90th percentile tax bill reaches up to $1,476. Notably, the highest median tax bill in the county is $599 in Mc Millan, while Newberry has the lowest median at $597. Compared to the national median property tax rate of 0.99%, homeowners in Luce County experience a range of tax burdens, directly impacting their annual financial obligations.
Average Luce County Tax Bill
$597
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690