Onekama, Michigan Property Taxes
The median property tax rate in Onekama, MI is 1.30%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Onekama at $209,000, the typical annual property tax bill reaches $2,439, which is just below the national median of $2,690. Property taxes in Onekama 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 Onekama'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 Onekama 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
Onekama, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.3%
Estimate Property Tax Bill
$2,717
Ownwell’s Onekama Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Onekama with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Onekama 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 Onekama, Michigan
Property taxes in Onekama, Michigan, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Onekama is 1.30%, significantly higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Onekama set these rates annually, and they can vary significantly across different neighborhoods. Each year, Onekama 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 Onekama's effective property tax rate to other areas in Michigan and the national median. For comparison, the zip code 49675 has the highest median property tax rate of 1.30%, while the same zip code also has the lowest median tax rate of 1.30%. Understanding how these areas compare with Onekama provides valuable insights into the varying tax landscape across Manistee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Onekama Tax Rate
1.30%
Average Manistee County Tax Rate
1.18%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Onekama, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49675 | 0.78% | 0.96% | 1.30% | 1.80% | 2.30% |
Source: Ownwell
Property Tax Assessment Values Across Onekama, Michigan
In Onekama, 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 Manistee 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 Onekama, 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. Onekama has a median home price of $209,000, with tax bills ranging from $1,296 at the 25th percentile to $7,859 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 49675, valued at $2,439. Being aware of these valuation processes in Onekama helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Onekama Assessed Value
$209,000
Average Manistee County Assessed Value
$141,200
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Onekama, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49675 | $41,600 | $115,400 | $209,000 | $345,000 | $596,480 |
Source: Ownwell
Property Tax Bills Across Onekama, Michigan
In Onekama, 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 final tax bill. Several factors influence the assessed value, including the home's size, age, location, and any improvements made. For homeowners in Onekama, the tax bill can vary significantly. The 25th percentile of tax bills is around $1,296, while the 75th percentile reaches up to $4,561. At the higher end, the 90th percentile tax bill can be as much as $7,859. The median home price in Onekama is $209,000, which provides a benchmark for understanding these figures. Comparatively, the national median property tax rate is 0.99%, making Onekama's property tax landscape relatively moderate. Homeowners need to be aware of these factors as they can significantly impact annual expenses and overall affordability of owning property in this region.
Average Onekama Tax Bill
$2,439
Average Manistee County Tax Bill
$1,612
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Onekama, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49675 | $508 | $1,296 | $2,439 | $4,561 | $7,859 |
Source: Ownwell