Hillman, Michigan Property Taxes
The median property tax rate in Hillman, MI is 0.65%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Hillman at $98,400, the typical annual property tax bill amounts to $667, which is well below the national median of $2,690. Property taxes in Hillman are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Hillman's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in Hillman or another part of Montmorency County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hillman, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$640
Ownwell’s Hillman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hillman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hillman 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 Hillman, Michigan
Property taxes in Hillman, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hillman is 0.65%, which is lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Hillman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hillman 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 Hillman's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49746 zip code has both the highest and lowest median property tax rate of 0.65%. Understanding how these cities compare with Hillman provides valuable insights into the varying tax landscape across Montmorency County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hillman Tax Rate
0.65%
Average Montmorency County Tax Rate
0.88%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hillman, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49746 | 0.40% | 0.48% | 0.65% | 1.18% | 1.44% |
Source: Ownwell
Property Tax Assessment Values Across Hillman, Michigan
In Hillman, 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 Montmorency 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 Hillman, 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. The median home price in Hillman is $98,400, with tax bills ranging from $381 at the 25th percentile to $2,106 at the 90th percentile. The zip code with the highest and lowest median tax bill is 49746, both at $667. By understanding 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 Hillman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hillman Assessed Value
$98,400
Average Montmorency County Assessed Value
$94,600
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hillman, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49746 | $28,400 | $54,500 | $98,400 | $165,200 | $266,000 |
Source: Ownwell
Property Tax Bills Across Hillman, Michigan
In Hillman, located in Montmorency County, MI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For instance, the median home price in Hillman is $98,400. The property tax rate is then applied to this assessed value to determine the annual tax bill. The tax rate in Hillman is influenced by local government budgets and voter-approved measures. Factors that affect the property tax bill include the home's assessed value, any applicable exemptions, and the specific tax rate set by local authorities. Homeowners in Hillman can expect a wide range of tax bills. For example, the 25th percentile tax bill is $381, while the 75th percentile tax bill is $1,174. The highest median tax bill in the area is $667, as seen in the zip code 49746. These property taxes directly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services, making them an essential part of community funding.
Average Hillman Tax Bill
$667
Average Montmorency County Tax Bill
$728
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Hillman, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49746 | $213 | $381 | $667 | $1,174 | $2,106 |
Source: Ownwell