Mikado, Iosco County, Michigan Property Taxes

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

Median Mikado, MI effective property tax rate: 2.00%, significantly higher than the national median of 1.02%, but lower than the Michigan state median of 1.07%.
Median Mikado, MI home value: $59,450
Median annual Mikado, MI tax bill: $1,198, $1,202 lower than the national median property tax bill of $2,400.

How are property taxes in Iosco County calculated?

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

Last Updated March 1, 2025

Mikado, Iosco County, Michigan Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.33%

Estimate Property Tax Bill

$1,362

$1,264

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

Property Tax Rates Across Mikado, Iosco County, Michigan

Local government entities determine tax rates, and these can vary significantly within a state. Each county estimates its budget needs to provide essential services annually and divides this by the total assessed value of all taxable property in its area. This process establishes the property tax rate. While votes and laws influence tax rates and budgets, this is the core of the annual procedure.

In Mikado, located in Iosco County, Michigan, the effective property tax rate is 2.00%. This rate is notably higher than the national median property tax rate of 1.02%. Property owners in Mikado experience a higher tax burden compared to many areas across the country. Despite this, the property tax rate in Mikado remains consistent with both the highest and lowest median tax rates within its zip code.

Comparing Mikado’s property tax rate to other cities in Michigan and the national median offers valuable insights for property owners. Understanding these differences can help residents make informed decisions about property tax appeals and exemptions.

Property Tax Rates Across Mikado, Iosco County, Michigan

Source: Ownwell

0.83%

1.08%

1.33%

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 Mikado Tax Rate

1.33%

Median Effective Iosco County Tax Rate

1.10%

Median Effective Michigan Tax Rate

1.05%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Mikado, Iosco County, Michigan

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
48745	1.08%	1.20%	1.33%	1.90%	2.18%

Source: Ownwell

Property Tax Assessment Values Across Mikado, Iosco County, Michigan

When examining property taxes in Mikado, 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 Iosco 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 Iosco 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 Mikado. For example, the median home price in Mikado is $59,450, with tax bills ranging significantly across the county. Zip code 48745 has the highest median home price at $59,450.

Property Tax Assessment Values Across Mikado, Iosco County, Michigan

Source: Ownwell

$86,100

$146,050

$206,000

Median Mikado Market Value

$102,400

Median Iosco County Market Value

$135,400

Median Michigan Market Value

$213,740

Median United States Market Value

$235,294

Property Tax Assessment Values Across Mikado, Iosco County, Michigan

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
48745	$60,480	$87,750	$102,400	$203,650	$395,880

Source: Ownwell

Property Tax Bills Across Mikado, Iosco County, Michigan

In Mikado, property tax bills are calculated based on the property's assessed value, which is typically a percentage of the market value. The local tax rate is then applied to this assessed value to determine the tax bill. Factors such as the property's location, improvements, and local government budgets influence the assessed value. For homeowners in Iosco County, the median home price stands at $59,450, with tax bills ranging from the 25th percentile at $991 to the 90th percentile at $2,404. This variation indicates how different factors can significantly impact tax bills. Compared to the national median property tax bill of $2,400, Mikado's tax bills can be more favorable for some homeowners. Ownwell offers services to help homeowners save on property tax bills by identifying potential inaccuracies in assessments and filing appeals on their behalf. By leveraging expert knowledge and local insights, Ownwell ensures homeowners pay only their fair share, potentially reducing their tax burden and providing financial relief.

Property Tax Bills Across Mikado, Iosco County, Michigan

Source: Ownwell

$733

$1,551

$2,369

Median Mikado Tax Bill

$1,398

Median Iosco County Tax Bill

$1,419

Median Michigan Tax Bill

$2,084

Median United States Tax Bill

$2,400

Property Tax Bills Across Mikado, Iosco County, Michigan

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
48745	$1,072	$1,173	$1,398	$2,532	$3,014

Source: Ownwell