Fibre, Michigan Property Taxes
The median property tax rate in Fibre, MI is 0.61%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Fibre at $70,800, the typical annual property tax bill is $432, which is well below the national median of $2,690. Property taxes in Fibre are calculated based on the assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Fibre'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 Fibre or another part of Mackinac County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fibre, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$432
Ownwell’s Fibre Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fibre with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fibre 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 Fibre, Michigan
Property taxes in Fibre, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fibre is 0.61%, which is lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Fibre set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fibre 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 Fibre's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49780 zip code has the highest median property tax rate of 0.61%, while the same zip code also has the lowest median tax rate of 0.61%. Understanding how these areas compare with Fibre provides valuable insights into the varying tax landscape across Mackinac County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fibre Tax Rate
0.61%
Average Mackinac County Tax Rate
0.81%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fibre, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49780 | 0.61% | 0.61% | 0.61% | 0.61% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Fibre, Michigan
In Fibre, 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 Mackinac 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 Fibre, 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. For example, the median home price in Fibre is $70,800, with median tax bills ranging from $432 in the 25th percentile to $432 in the 90th percentile. The zip code with the highest and lowest median tax bill is 49780, both at $432. 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 Fibre helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fibre Assessed Value
$70,800
Average Mackinac County Assessed Value
$123,200
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fibre, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49780 | $70,800 | $70,800 | $70,800 | $70,800 | $70,800 |
Source: Ownwell
Property Tax Bills Across Fibre, Michigan
In Fibre, located in Mackinac County, MI, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. For homeowners in Fibre, the median home price stands at $70,800. The property tax rate in Fibre is calculated by multiplying the assessed value by the local tax rate. In this case, the median property tax bill is $432, which is significantly lower than the national median property tax rate of 0.99%. Several factors influence the assessed value, including the property's market value, recent sales of comparable properties, and any improvements made to the home. For homeowners, this means that any increase in the market value of their home or significant renovations could lead to a higher assessed value and, consequently, a higher tax bill. Conversely, if property values in the area decline, the assessed value and tax bill may decrease. Understanding these factors helps homeowners anticipate and manage their property tax obligations effectively.
Average Fibre Tax Bill
$432
Average Mackinac County Tax Bill
$942
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Fibre, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49780 | $432 | $432 | $432 | $432 | $432 |
Source: Ownwell