Onaway, Presque Isle County, Michigan Property Taxes
The median property tax rate in Onaway, MI is 0.44%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $95,600 in Onaway, the typical annual property tax bill amounts to $394, far below the national median of $2,690. Property taxes in Onaway are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Onaway'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 Onaway or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Onaway, Presque Isle County, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.44%
Estimate Property Tax Bill
$421
$390
Ownwell’s Onaway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Onaway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Onaway 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 Onaway, Presque Isle County, Michigan
Property taxes in Onaway, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Onaway is 0.44%, which is lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Onaway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Onaway 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 Onaway's effective property tax rate to other areas in Michigan and the national median. For comparison, the zip code 49765 has the highest median property tax rate of 0.44%, while the same zip code also has the lowest median tax rate of 0.44%. Understanding how these figures compare with Onaway 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 Onaway Tax Rate
0.44%
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 Onaway, Presque Isle County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49765 | 0.33% | 0.39% | 0.44% | 0.49% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Onaway, Presque Isle County, Michigan
In Onaway, 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 Onaway, 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. For instance, the median home price in Onaway is $95,600, with tax bills ranging from $208 at the 25th percentile to $1,024 at the 90th percentile. The zip code 49765 has the highest and lowest median tax bill of $394. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Onaway, Presque Isle County, Michigan
Source: Ownwell
$95,400
$145,400
$195,400
Average Onaway Assessed Value
$95,600
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 Onaway, Presque Isle County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49765 | $27,200 | $49,000 | $95,600 | $148,200 | $225,080 |
Source: Ownwell
Property Tax Bills Across Onaway, Presque Isle County, Michigan
Property tax bills in Onaway, located in Presque Isle County, MI, are calculated based on the assessed value of a property, which is typically a percentage of its market value. For instance, with a median home price of $95,600, the tax bill varies significantly. Homeowners in the 25th percentile can expect a property tax bill around $208, while those in the 75th percentile might see a bill closer to $668. At the 90th percentile, the tax bill can reach up to $1,024. Factors such as property size, location, and any applicable exemptions or deductions influence the final tax amount. Compared to the national median property tax rate of 0.99%, Onaway's rates reflect local economic conditions and funding needs for public services like schools and infrastructure. Homeowners in Onaway should be aware of these variables as they directly impact their annual financial commitments and the overall affordability of owning property in this region.
Average Onaway Tax Bill
$394
Average Presque Isle County Tax Bill
$633
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Onaway, Presque Isle County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49765 | $118 | $208 | $394 | $668 | $1,024 |
Source: Ownwell