Bruce Crossing, Michigan Property Taxes
The median property tax rate in Bruce Crossing, MI, is 0.63%, considerably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Bruce Crossing at $77,500, the typical annual property tax bill is $528, falling well below the national median of $2,690. Property taxes in Bruce Crossing 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 Bruce Crossing'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 Bruce Crossing 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
Bruce Crossing, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$488
Ownwell’s Bruce Crossing Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Bruce Crossing with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Bruce Crossing to provide an estimate of your property tax bill. This valuable tool helps you grasp potential tax liabilities, making it easier to plan your finances. For those interested in more granular insights, you can find trends and localized information by scrolling down. Your property’s assessed value, determined by the county, is used for property tax calculations and accounts for any applicable exemptions.
Property Tax Rates Across Bruce Crossing, Michigan
Property taxes in Bruce Crossing, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bruce Crossing is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Bruce Crossing set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bruce Crossing 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 Bruce Crossing's effective property tax rate to other counties in Michigan and the national median. For comparison, the zip code 49912 has the highest median property tax rate of 0.63%, while the same zip code also has the lowest median tax rate of 0.63%. Understanding how these cities compare with Bruce Crossing provides valuable insights into the varying tax landscape across Ontonagon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bruce Crossing Tax Rate
0.63%
Average Ontonagon County Tax Rate
0.86%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bruce Crossing, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49912 | 0.38% | 0.46% | 0.63% | 1.22% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Bruce Crossing, Michigan
In Bruce Crossing, 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 local assessment authority 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 Bruce Crossing, 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 Bruce Crossing helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Bruce Crossing is $77,500, with tax bills ranging from $318 at the 25th percentile to $1,279 at the 90th percentile. The highest and lowest median tax bills are both $528, found in the 49912 zip code.
Property Tax Assessment Values Across Bruce Crossing, Michigan
Source: Ownwell
$44,260
$104,230
$164,200
Average Bruce Crossing Assessed Value
$77,500
Average Ontonagon County Assessed Value
$68,300
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bruce Crossing, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49912 | $26,536 | $46,440 | $77,500 | $118,220 | $162,532 |
Source: Ownwell
Property Tax Bills Across Bruce Crossing, Michigan
In Bruce Crossing, located in Ontonagon County, MI, property tax bills are calculated based on the assessed value of your home, which is determined by local assessors. The median home price in this area is $77,500. Property taxes are then applied to this assessed value using the local tax rate. For homeowners, this means the amount they owe can vary widely. For instance, the 25th percentile of tax bills is around $318, while the 75th percentile reaches $847, and the 90th percentile climbs to $1,279. The median tax bill stands at $528, which is notably lower than the national median property tax rate of 0.99%. These figures reflect the range of what homeowners might expect to pay, influenced by factors such as property improvements, neighborhood changes, and local government budgets. Understanding these elements can help homeowners better anticipate their annual property tax obligations and plan accordingly.
Average Bruce Crossing Tax Bill
$528
Average Ontonagon County Tax Bill
$577
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Bruce Crossing, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49912 | $177 | $318 | $528 | $847 | $1,279 |
Source: Ownwell