Ontonagon, Michigan Property Taxes
The median property tax rate in Ontonagon, MI is 1.10%, slightly higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Ontonagon at $78,100, the typical annual property tax bill reaches $840, which is significantly lower than the national median of $2,690. Property taxes in Ontonagon are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions, such as those for primary residences and agricultural land. Understanding Ontonagon'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 Ontonagon 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
Ontonagon, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$859
Ownwell’s Ontonagon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ontonagon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ontonagon 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 Ontonagon, Michigan
Property taxes in Ontonagon, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ontonagon is 1.10%, higher than the U.S. national median of 0.99%. Local government entities within Ontonagon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ontonagon 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 Ontonagon's effective property tax rate to other counties and the national median. For comparison, the zip code 49953 has both the highest and lowest median property tax rate of 1.10%. Understanding how these cities compare with Ontonagon 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 Ontonagon Tax Rate
1.10%
Average Ontonagon County Tax Rate
0.86%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ontonagon, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49953 | 0.62% | 0.75% | 1.10% | 1.59% | 1.82% |
Source: Ownwell
Property Tax Assessment Values Across Ontonagon, Michigan
In Ontonagon, 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 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 Ontonagon, 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 Ontonagon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Ontonagon is $78,100, with tax bills ranging from $547 at the 25th percentile to $2,134 at the 90th percentile. The zip code 49953 has the highest and lowest median tax bill at $840.
Average Ontonagon Assessed Value
$78,100
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 Ontonagon, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49953 | $27,300 | $50,300 | $78,100 | $123,900 | $200,200 |
Source: Ownwell
Property Tax Bills Across Ontonagon, Michigan
In Ontonagon, MI, property tax bills are calculated based on the assessed value of a property, which is often a percentage of its market value. The process begins with the local assessor evaluating the property's market value, after which a predetermined assessment ratio is applied to determine the assessed value. The tax rate, expressed as a percentage, is then applied to this assessed value to calculate the annual property tax bill. For homeowners in Ontonagon, the median home price is $78,100. At the 25th percentile, property tax bills are around $547, while at the 75th percentile, they rise to approximately $1,279. The 90th percentile sees tax bills as high as $2,134. This range highlights the variability in tax obligations depending on property values and specific local factors. Compared to the national median property tax rate of 0.99%, Ontonagon's property tax rates can significantly impact homeowners, influencing their overall housing costs and financial planning.
Average Ontonagon Tax Bill
$840
Average Ontonagon County Tax Bill
$577
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Ontonagon, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49953 | $319 | $547 | $840 | $1,279 | $2,134 |
Source: Ownwell