Mc Millan, Michigan Property Taxes
The median property tax rate in Mc Millan, MI is 1.31%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Mc Millan at $91,500, the typical annual property tax bill reaches $599, which is significantly lower than the national median of $2,690. Property taxes in Mc Millan 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 Mc Millan'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 Mc Millan 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
Mc Millan, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$1,199
$1,112
Ownwell’s MC MILLAN Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MC MILLAN with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MC MILLAN 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 Mc Millan, Michigan
Property taxes in Mc Millan, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mc Millan is 1.31%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Mc Millan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mc Millan 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 Mc Millan's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49853 zip code has the highest median property tax rate of 1.31%, while the 49853 zip code also has the lowest median tax rate of 1.31%. Understanding how these cities compare with Mc Millan provides valuable insights into the varying tax landscape across Luce County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mc Millan Tax Rate
1.31%
Average Luce County Tax Rate
0.96%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mc Millan, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49853 | 0.63% | 0.90% | 1.31% | 2.07% | 2.79% |
Source: Ownwell
Property Tax Assessment Values Across Mc Millan, Michigan
In McMillan, 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 Luce 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 McMillan, 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 McMillan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in McMillan is $599, both in the zip code 49853.
Average Mc Millan Assessed Value
$91,500
Average Luce County Assessed Value
$65,400
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mc Millan, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49853 | $23,800 | $47,000 | $91,500 | $158,850 | $237,400 |
Source: Ownwell
Property Tax Bills Across Mc Millan, Michigan
In Mc Millan, MI, located in Luce County, property tax bills are calculated based on the assessed value of the home, which is typically a percentage of the market value. For instance, with a median home price of $91,500, the tax bill can vary significantly. The 25th percentile tax bill stands at $355, while the 75th percentile reaches $971, and the 90th percentile can go up to $1,425. These figures illustrate the range of tax burdens homeowners might face. Several factors influence the final tax bill, including local tax rates, assessed property values, and applicable exemptions. The highest and lowest median tax bills in the area are both $599, which is relatively moderate compared to the national median property tax rate of 0.99%. This variation in tax bills can affect homeowners differently, impacting their annual financial planning and overall cost of homeownership. Understanding these factors is crucial for homeowners to anticipate their property tax liabilities accurately.
Average Mc Millan Tax Bill
$599
Average Luce County Tax Bill
$597
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Mc Millan, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49853 | $132 | $355 | $599 | $971 | $1,425 |
Source: Ownwell