Mcmillan, Michigan Property Taxes
The median property tax rate in McMillan, MI is 1.05%, slightly higher than the national median of 0.99% but lower than the Michigan state median of 1.07%. With the median home value in McMillan at $191,600, the typical annual property tax bill reaches $1,643, which is below the national median of $2,690. Property taxes in McMillan are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding McMillan'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 McMillan 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
Mcmillan, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$2,012
Ownwell’s McMillan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in McMillan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in McMillan 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 Mcmillan, Michigan
Property taxes in McMillan, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in McMillan is 1.05%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within McMillan set these rates annually, and they can vary significantly across different neighborhoods. Each year, McMillan 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 McMillan's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49853 zip code has both the highest and lowest median property tax rate of 1.05%. Understanding how these cities compare with McMillan 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 Mcmillan Tax Rate
1.05%
Average Mackinac County Tax Rate
0.81%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mcmillan, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49853 | 0.57% | 0.76% | 1.05% | 1.26% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Mcmillan, 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 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 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 zip code with the highest and lowest median tax bill is 49853, with a median tax bill of $1,643.
Average Mcmillan Assessed Value
$191,600
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 Mcmillan, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49853 | $77,520 | $93,000 | $191,600 | $215,000 | $328,760 |
Source: Ownwell
Property Tax Bills Across Mcmillan, Michigan
In McMillan, located in Mackinac County, MI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $191,600, the tax bill can vary significantly. Homeowners in the 25th percentile pay around $1,338, while those in the 75th percentile face bills of approximately $1,809. At the higher end, the 90th percentile sees tax bills reaching up to $2,168. These variations are influenced by factors such as property size, location, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, McMillan’s tax rates reflect a range that can impact homeowners differently depending on their specific circumstances. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly, ensuring they are prepared for their annual property tax bills.
Average Mcmillan Tax Bill
$1,643
Average Mackinac County Tax Bill
$942
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Mcmillan, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49853 | $960 | $1,338 | $1,643 | $1,809 | $2,168 |
Source: Ownwell