Caspian, Iron County, Michigan Property Taxes
Median Caspian, MI effective property tax rate: 1.66%, significantly higher than the national median of 1.02%, but lower than the Michigan state median of 1.07%.
Median Caspian, MI home value: $39,060
Median annual Caspian, MI tax bill: $731, $1,669 lower than the national median property tax bill of $2,400.
How are property taxes in Iron County calculated?
Property taxes in Caspian, 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 Caspian’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Caspian, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Caspian, Iron County, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.56%
Estimate Property Tax Bill
$914
$848
Property Tax Rates Across Caspian, Iron County, Michigan
Local government entities in Michigan set property tax rates, which can vary significantly across the state. This variation is due to each county's annual process of estimating its required budget for services and dividing that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. Although votes and laws play a role in setting these rates and budgets, this is the basic annual process.
In Caspian, located in Iron County, the effective property tax rate can be compared to other cities in Michigan and the U.S. The median property tax rate in Michigan is notably higher than the national median of 1.02%. This comparison highlights the variations in property tax rates across different regions, emphasizing the importance of understanding local tax obligations. For homeowners in Caspian, being aware of these rates is crucial for financial planning and property tax management. By understanding how these rates are determined and how they compare, property owners can make informed decisions and potentially explore opportunities for property tax appeals or exemptions.
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 Caspian Tax Rate
1.56%
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 Iron County Tax Rate
1.29%
Median Effective Michigan Tax Rate
1.05%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Caspian, Iron County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49915 | 0.25% | 1.28% | 1.56% | 2.17% | 2.53% |
Source: Ownwell
Property Tax Assessment Values Across Caspian, Iron County, Michigan
When examining property taxes in Caspian, 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 Iron County 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 Iron 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 Caspian. For example, the median home price in Caspian is $39,060, with tax bills ranging significantly across the county. 49915 has the highest median home price at $39,060.
Property Tax Assessment Values Across Caspian, Iron County, Michigan
Source: Ownwell
$50,180
$106,100
$162,020
Median Caspian Market Value
$58,600
Median Iron County Market Value
$103,000
Median Michigan Market Value
$213,740
Median United States Market Value
$235,294
Property Tax Assessment Values Across Caspian, Iron County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49915 | $32,284 | $42,720 | $58,600 | $83,600 | $142,064 |
Source: Ownwell
Property Tax Bills Across Caspian, Iron County, Michigan
Median Caspian Tax Bill
$694
Median Iron County Tax Bill
$781
Median Michigan Tax Bill
$2,084
Median United States Tax Bill
$2,400
Property Tax Bills Across Caspian, Iron County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49915 | $119 | $335 | $694 | $947 | $1,214 |
Source: Ownwell