Ishpeming, Michigan Property Taxes
The median property tax rate in Ishpeming, MI is 0.38%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Ishpeming, the typical annual property tax bill is $403, well below the national median of $2,690. Property taxes in Ishpeming are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Ishpeming'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 Ishpeming or another part of Marquette County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ishpeming, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.38%
Estimate Property Tax Bill
$417
Ownwell’s Ishpeming Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Ishpeming with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ishpeming 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 Marquette County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Ishpeming, Michigan
Property taxes in Ishpeming, Michigan, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Ishpeming is 1.57%, significantly higher than both the Michigan state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Ishpeming set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ishpeming 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 Ishpeming's effective property tax rate to other counties in Michigan and the national median. For comparison, the highest median property tax rate in Marquette County is 1.57%, while the lowest median tax rate is 1.54%. Understanding how these cities compare with Ishpeming provides valuable insights into the varying tax landscape across Marquette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ishpeming Tax Rate
0.38%
Average Marquette County Tax Rate
0.46%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ishpeming, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49849 | 0.23% | 0.31% | 0.38% | 0.45% | 0.50% |
Source: Ownwell
Property Tax Assessment Values Across Ishpeming, Michigan
In Ishpeming, 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 Marquette 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 Ishpeming, 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 Ishpeming helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Ishpeming is $109,800, with the highest median tax bill being $403 in the 49849 zip code. The 25th percentile tax bill is $257, while the 75th percentile tax bill is $613, and the 90th percentile tax bill reaches $906.
Average Ishpeming Assessed Value
$109,800
Average Marquette County Assessed Value
$155,200
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Ishpeming, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49849 | $50,420 | $76,300 | $109,800 | $164,600 | $234,760 |
Source: Ownwell
Property Tax Bills Across Ishpeming, Michigan
In Ishpeming, located in Marquette County, MI, property tax bills are calculated based on the assessed value of the property, which is determined by local assessors. This assessed value typically represents 50% of the property's market value. For homeowners in Ishpeming, the median home price is $109,800. The property tax rate in this region is then applied to the assessed value to determine the annual tax bill. Several factors influence the tax bill, including the property's location, market trends, and any applicable exemptions. For instance, homeowners in the 25th percentile of tax bills pay around $257 annually, while those in the 75th percentile pay approximately $613. At the 90th percentile, the tax bill can reach up to $906. The highest median tax bill in the area is $403, found in the 49849 zip code, which also represents the lowest median tax bill. These tax bills directly impact homeowners by affecting their annual expenses, potentially influencing decisions about property investments and homeownership affordability in Ishpeming.
Average Ishpeming Tax Bill
$403
Average Marquette County Tax Bill
$725
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Ishpeming, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49849 | $150 | $257 | $403 | $613 | $906 |
Source: Ownwell