Michigamme, Marquette County, Michigan Property Taxes
The median property tax rate in Michigamme, MI is 0.42%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Michigamme at $129,500, the typical annual property tax bill is $433, far below the national median of $2,690. Property taxes in Michigamme are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Michigamme'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 Michigamme 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
Michigamme, Marquette County, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.42%
Estimate Property Tax Bill
$544
$505
Ownwell’s Michigamme Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Michigamme with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Michigamme 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 Michigamme, Marquette County, Michigan
Property taxes in Michigamme, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Michigamme is 0.42%, significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Michigamme set these rates annually, and they can vary significantly across different neighborhoods. Each year, Michigamme 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 Michigamme's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49861 zip code has the highest median property tax rate of 0.42%, while the 49861 zip code also has the lowest median tax rate of 0.42%. Understanding how these cities compare with Michigamme 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 Michigamme Tax Rate
0.42%
Average Marquette County Tax Rate
0.46%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Michigamme, Marquette County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49861 | 0.21% | 0.25% | 0.42% | 0.49% | 0.50% |
Source: Ownwell
Property Tax Assessment Values Across Michigamme, Marquette County, Michigan
In Michigamme, 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 Michigamme, 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 Michigamme helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Michigamme is $129,500, with the highest and lowest median tax bills both at $433 in the 49861 zip code.
Property Tax Assessment Values Across Michigamme, Marquette County, Michigan
Source: Ownwell
$61,500
$138,250
$215,000
Average Michigamme Assessed Value
$129,500
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 Michigamme, Marquette County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49861 | $28,200 | $61,700 | $129,500 | $233,500 | $349,000 |
Source: Ownwell
Property Tax Bills Across Michigamme, Marquette County, Michigan
In Michigamme, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. Homeowners in Michigamme, located in Marquette County, will see their tax bills influenced by several factors, including the home's assessed value, local tax rates, and any applicable exemptions. The median home price in Michigamme is $129,500, and property tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $225, while at the 75th percentile, it rises to $881. At the 90th percentile, homeowners might face a tax bill as high as $1,450. This variation highlights the impact of property assessments and local tax rates on individual tax bills. Comparatively, the median property tax rate nationally is 0.99%, making it crucial for Michigamme homeowners to understand how their local rates and assessments affect their annual tax obligations.
Average Michigamme Tax Bill
$433
Average Marquette County Tax Bill
$725
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Michigamme, Marquette County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49861 | $109 | $225 | $433 | $881 | $1,450 |
Source: Ownwell