Laurium, Houghton County, Michigan Property Taxes

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

Median LAURIUM, MI effective property tax rate: 1.91%, significantly higher than the national median of 1.02%, but lower than the Michigan state median of 1.07%.
Median LAURIUM, MI home value: $70,829
Median annual LAURIUM, MI tax bill: $1,176, $1,224 lower than the national median property tax bill of $2,400.

How are property taxes in Houghton calculated?

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

Last Updated March 1, 2025

Laurium, Houghton County, Michigan Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.91%

Estimate Property Tax Bill

$1,353

$1,255

Ownwell’s Laurium Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Laurium with just two data points. By entering your property's estimated assessed value, our calculator applies Laurium’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 Houghton County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Laurium, Houghton County, Michigan

Local government entities determine property tax rates, which can significantly differ within a state. This variation is due to each county's annual budget estimation to fund services, divided by the total assessed value of all taxable property in the area, resulting in the property tax rate. Though votes and laws play a role in setting these rates, this is the simplified annual process. Laurium in Houghton County, Michigan, has an effective property tax rate that aligns with the highest and lowest rates in the state, both at 1.91%. This rate is considerably higher than the national median property tax rate of 1.02%. Comparing Laurium's property tax rate to other cities within Michigan and the national average highlights the potential for significant savings through property tax appeals. Understanding these differences can empower property owners to make informed decisions about their property tax obligations and explore opportunities for reducing their tax burden.

Property Tax Rates Across Laurium, Houghton County, Michigan

Source: Ownwell

0.62%

1.26%

1.91%

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 Laurium Tax Rate

1.91%

Median Effective Houghton County Tax Rate

0.94%

Median Effective Michigan Tax Rate

1.07%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Laurium, Houghton County, Michigan

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
49913	1.15%	1.42%	1.91%	2.19%	2.93%

Source: Ownwell

Property Tax Assessment Values Across Laurium, Houghton County, Michigan

When examining property taxes in Laurium, 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 Houghton 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 Houghton 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 Laurium. For example, the median home price in Laurium is $70,829, with tax bills ranging significantly across the county. ZIP code 49913 has the highest median home price at $70,829.

Property Tax Assessment Values Across Laurium, Houghton County, Michigan

Source: Ownwell

$9,600

$82,334

$155,067

Median Laurium Market Value

$70,829

Median Houghton County Market Value

$95,531

Median Michigan Market Value

$177,800

Median United States Market Value

$235,294

Property Tax Assessment Values Across Laurium, Houghton County, Michigan

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
49913	$13,672	$51,358	$70,829	$88,192	$118,737

Source: Ownwell

Property Tax Bills Across Laurium, Houghton County, Michigan

In Laurium, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is a percentage of the market value of the property. Homeowners in Laurium face a median property tax bill of $1,176, significantly lower than the national median of $2,400. However, tax bills can range from $792 at the 25th percentile to $2,336 at the 90th percentile, depending on various factors including property location and size. These taxes are essential for funding local services such as schools and infrastructure.

For homeowners seeking to reduce their property tax burdens, professional assistance can be invaluable. Ownwell offers expertise in property tax appeals and exemption services, helping homeowners potentially lower their tax obligations. By analyzing property assessments and identifying discrepancies, Ownwell can assist in appealing for reduced tax bills, ensuring homeowners are not overpaying. This service can result in significant savings, providing financial relief and peace of mind.

Property Tax Bills Across Laurium, Houghton County, Michigan

Source: Ownwell

$86

$856

$1,626

Median Laurium Tax Bill

$1,176

Median Houghton County Tax Bill

$879

Median Michigan Tax Bill

$1,795

Median United States Tax Bill

$2,400

Property Tax Bills Across Laurium, Houghton County, Michigan

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
49913	$271	$792	$1,176	$1,721	$2,336

Source: Ownwell