Mio, Oscoda County, Michigan Property Taxes
The median property tax rate in Mio, Michigan is 0.79%, which is lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $62,000 in Mio, the typical annual property tax bill amounts to $510, significantly below the national median of $2,690. Property taxes in Mio are calculated based on the tax assessed value, which is usually lower than the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Mio'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 Mio or another part of Oscoda County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mio, Oscoda County, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$490
$455
Ownwell’s Mio Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mio with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mio 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 Mio, Oscoda County, Michigan
Property taxes in Mio, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mio is 0.79%, slightly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Mio set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mio 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 Mio's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48647 zip code has both the highest and lowest median property tax rate of 0.79%. Understanding how these cities compare with Mio provides valuable insights into the varying tax landscape across Oscoda County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mio Tax Rate
0.79%
Average Oscoda County Tax Rate
0.74%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mio, Oscoda County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48647 | 0.45% | 0.54% | 0.79% | 1.31% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Mio, Oscoda County, Michigan
In Mio, 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 Oscoda 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 Mio, 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 Mio helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Mio are both $510, found in the 48647 zip code.
Property Tax Assessment Values Across Mio, Oscoda County, Michigan
Source: Ownwell
$29,890
$63,545
$97,200
Average Mio Assessed Value
$62,000
Average Oscoda County Assessed Value
$55,600
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mio, Oscoda County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48647 | $14,600 | $32,200 | $62,000 | $111,200 | $171,860 |
Source: Ownwell
Property Tax Bills Across Mio, Oscoda County, Michigan
Property tax bills in MIO, Oscoda County, MI, are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For example, with a median home price of $62,000, homeowners can expect their tax bills to vary significantly. The 25th percentile tax bill is around $286, while the 75th percentile tax bill reaches $845. At the 90th percentile, homeowners could see tax bills as high as $1,357. These figures illustrate the range of property tax burdens within the area, directly impacting homeowners' financial planning. Compared to the national median property tax rate of 0.99%, Oscoda County's tax rates demonstrate variability that can influence decisions on homeownership and investment. The highest and lowest median tax bills in the area are both reported at $510, indicating some consistency in certain parts of the county. Understanding these factors is crucial for homeowners looking to manage their expenses effectively.
Average Mio Tax Bill
$510
Average Oscoda County Tax Bill
$412
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Mio, Oscoda County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48647 | $124 | $286 | $510 | $845 | $1,357 |
Source: Ownwell