Hillman, Presque Isle County, Michigan Property Taxes
The median property tax rate in Hillman, MI is 0.50%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $117,200 in Hillman, the typical annual property tax bill is $680, 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 various 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 the heart of Hillman or another part of Presque Isle County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hillman, Presque Isle County, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$586
$544
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, Presque Isle County, Michigan
Property taxes in Hillman, Michigan, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Hillman is 0.50%, 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. For comparison, the zip code 49746 has both the highest and lowest median property tax rate of 0.50%, illustrating the uniformity in tax rates within the area. Understanding how these cities compare with Hillman provides valuable insights into the varying tax landscape across Presque Isle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hillman Tax Rate
0.50%
Average Presque Isle County Tax Rate
0.48%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hillman, Presque Isle County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49746 | 0.38% | 0.41% | 0.50% | 0.55% | 0.64% |
Source: Ownwell
Property Tax Assessment Values Across Hillman, Presque Isle County, 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 Presque Isle 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. 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 Hillman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 49746 has the highest and lowest median tax bills, both at $680.
Property Tax Assessment Values Across Hillman, Presque Isle County, Michigan
Source: Ownwell
$95,400
$145,400
$195,400
Average Hillman Assessed Value
$117,200
Average Presque Isle County Assessed Value
$112,200
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hillman, Presque Isle County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49746 | $59,800 | $84,500 | $117,200 | $207,000 | $262,200 |
Source: Ownwell
Property Tax Bills Across Hillman, Presque Isle County, Michigan
In Hillman, property tax bills are calculated based on the assessed value of the property, which is determined by the local assessor's office. This assessed value is a percentage of the property's market value. The property tax rate in Hillman is then applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including the property's location, size, and condition, as well as recent sales of similar properties in the area. For homeowners in Hillman, the median home price is $117,200. Property tax bills can vary significantly, with those at the 25th percentile paying around $377, while those at the 75th percentile pay approximately $1,329. The 90th percentile sees tax bills reaching up to $1,559. These tax bills impact homeowners by contributing to the overall cost of owning a home. Compared to the national median property tax rate of 0.99%, Hillman's property tax rates are competitive, offering some relief to homeowners in the area.
Average Hillman Tax Bill
$680
Average Presque Isle County Tax Bill
$633
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Hillman, Presque Isle County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49746 | $301 | $377 | $680 | $1,329 | $1,559 |
Source: Ownwell