Loretto, Dickinson County, Michigan Property Taxes

Name: Property Tax Bills Across Loretto, Dickinson County, Michigan
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Loretto, MI effective property tax rate: 0.83%, significantly lower than the national median of 1.02%, but lower than the Michigan state median of 1.07%.
Median Loretto, MI home value: $63,000
Median annual Loretto, MI tax bill: $656, $1,744 lower than the national median property tax bill of $2,400.

How are property taxes in Dickinson calculated?

Property taxes in Loretto, MI are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Loretto’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Loretto, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Loretto, Dickinson County, Michigan Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.59%

Estimate Property Tax Bill

$575

$533

Ownwell’s Loretto Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Loretto with just two data points. By entering your property's estimated assessed value, our calculator applies Loretto’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations.

This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Dickinson County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Loretto, Dickinson County, Michigan

Local government entities set tax rates, which can vary widely within a state. Why? Because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. Below, you can compare Loretto’s effective property tax rate to other cities in Michigan and the median property tax rates in Michigan and the U.S. Loretto, located in Dickinson County, has a median property tax rate that aligns with the highest and lowest rates in the area, reflecting a consistent tax landscape. When compared to the national median property tax rate of 1.02%, Loretto's rate is notably lower, offering a more affordable property tax environment. This can be an attractive aspect for property owners looking to manage expenses while benefiting from the services funded by these taxes. Understanding how these rates are determined and how they compare can provide valuable insights for property owners considering their financial commitments.

Property Tax Rates Across Loretto, Dickinson County, Michigan

Source: Ownwell

0.59%

1.05%

1.52%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Loretto Tax Rate

0.59%

Median Effective Dickinson County Tax Rate

1.25%

Median Effective Michigan Tax Rate

1.05%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Loretto, Dickinson County, Michigan

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
49852	0.42%	0.48%	0.59%	0.69%	1.11%

Source: Ownwell

Property Tax Assessment Values Across Loretto, Dickinson County, Michigan

When examining property taxes in Loretto, MI, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Dickinson County Appraisal District estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Dickinson County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Loretto.

For example, the median home price in Loretto is $63,000, with tax bills ranging significantly across the county. The zip code 49852 has the highest median home price at $63,000.

Property Tax Assessment Values Across Loretto, Dickinson County, Michigan

Source: Ownwell

$51,400

$113,100

$174,800

Median Loretto Market Value

$97,400

Median Dickinson County Market Value

$110,400

Median Michigan Market Value

$213,740

Median United States Market Value

$235,294

Property Tax Assessment Values Across Loretto, Dickinson County, Michigan

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
49852	$38,600	$74,400	$97,400	$157,800	$224,000

Source: Ownwell

Property Tax Bills Across Loretto, Dickinson County, Michigan

In Loretto, Michigan, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the property's market value, and the tax rate is applied to this assessed value to calculate the annual tax bill. In Dickinson County, homeowners experience a median tax bill of $656, which is significantly lower than the national median of $2,400. Factors influencing the tax bill include the property's location, size, and any applicable exemptions or deductions. For instance, the 25th percentile tax bill is $423, while the 75th percentile reaches $920, demonstrating variability based on these factors. This variability can significantly impact homeowners, especially those on a tight budget. Ownwell assists homeowners by identifying potential exemptions and appealing assessed values to ensure fair taxation. By leveraging expert knowledge, Ownwell helps reduce tax burdens, providing essential savings for homeowners in Loretto and beyond.

Property Tax Bills Across Loretto, Dickinson County, Michigan

Source: Ownwell

$670

$1,148

$1,626

Median Loretto Tax Bill

$670

Median Dickinson County Tax Bill

$1,306

Median Michigan Tax Bill

$2,084

Median United States Tax Bill

$2,400

Property Tax Bills Across Loretto, Dickinson County, Michigan

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
49852	$237	$445	$670	$968	$1,299

Source: Ownwell