Newberry, Michigan Property Taxes
The median property tax rate in Newberry, MI is 0.93%, slightly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Newberry being $58,000, the typical annual property tax bill is $597, which is significantly below the national median of $2,690. Property taxes in Newberry are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Newberry's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Newberry 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
Newberry, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$539
$501
Ownwell’s Newberry Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newberry with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newberry 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 Newberry, Michigan
Property taxes in Newberry, Michigan, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newberry is 0.93%, slightly lower than the U.S. national median of 0.99%. Local government entities within Newberry set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newberry 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 Newberry's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49868 zip code has both the highest and lowest median property tax rate of 0.93%. Understanding how these areas compare with Newberry 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 Newberry Tax Rate
0.93%
Average Luce County Tax Rate
0.96%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newberry, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49868 | 0.55% | 0.70% | 0.93% | 1.45% | 1.90% |
Source: Ownwell
Property Tax Assessment Values Across Newberry, Michigan
In Newberry, 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 Newberry, 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 Newberry helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Newberry both stand at $597, found in the 49868 zip code.
Average Newberry Assessed Value
$58,000
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 Newberry, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49868 | $13,000 | $31,600 | $58,000 | $93,400 | $136,080 |
Source: Ownwell
Property Tax Bills Across Newberry, Michigan
In Newberry, located 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 median home price in Newberry is $58,000, and the tax rate is applied to this assessed value to determine the annual tax bill. Factors such as improvements to the property, changes in market conditions, and local tax levies can influence the assessed value. Homeowners in Newberry can expect their property tax bills to vary. For instance, the 25th percentile tax bill is around $359, while the 75th percentile reaches up to $955. For those at the higher end, the 90th percentile tax bill is approximately $1,486. Comparatively, the highest and lowest median tax bills in the area are both $597, reflecting a relatively stable tax environment. These tax bills impact homeowners by contributing to local services such as schools, public safety, and infrastructure. Understanding how these bills are calculated can help homeowners better manage their finances and anticipate annual expenses.
Average Newberry Tax Bill
$597
Average Luce County Tax Bill
$597
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Newberry, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49868 | $205 | $359 | $597 | $955 | $1,486 |
Source: Ownwell