Gaastra, Iron County, Michigan Property Taxes
Median Gaastra, MI effective property tax rate: 1.45%, significantly higher than the national median of 1.02%, but lower than the Michigan state median of 1.07%.
Median Gaastra, MI home value: $46,440
Median annual Gaastra, MI tax bill: $629, $1,771 lower than the national median property tax bill of $2,400.
How are property taxes in Iron County calculated?
Property taxes in Gaastra, 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 Gaastra’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Gaastra, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Gaastra, Iron County, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
2.31%
Estimate Property Tax Bill
$1,159
$1,076
Ownwell’s Gaastra Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Gaastra with just two data points.
By entering your property's estimated assessed value, our calculator applies Gaastra’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 Iron County.
For those interested in more localized information, please scroll down to explore city-level trends!
Property Tax Rates Across Gaastra, Iron County, Michigan
Local government entities set tax rates, which can vary widely within a state. This is because each county annually 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.
In Gaastra, located in Iron County, Michigan, the effective property tax rate is a reflection of this process. The median property tax rate in Michigan is 1.45%, which is higher than the national median of 1.02%. This places Gaastra among the areas with relatively higher property tax rates when compared to the national average. However, within Michigan, Gaastra's rate is consistent with the state median. This means that while property owners in Gaastra might experience higher tax rates than the national average, they are aligned with the state’s typical rates. Understanding these dynamics can help property owners in Gaastra make informed decisions about property tax appeals and 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 Gaastra Tax Rate
2.31%
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 Gaastra, Iron County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49927 | 0.26% | 1.06% | 2.31% | 3.28% | 4.68% |
Source: Ownwell
Property Tax Assessment Values Across Gaastra, Iron County, Michigan
When examining property taxes in Gaastra, 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 Equalization Department 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.
Assessment notices: 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 Gaastra.
For example, the median home price in Gaastra is $46,440, with tax bills ranging significantly across the county. ZIP code 49927 has the highest median home price at $46,440.
Property Tax Assessment Values Across Gaastra, Iron County, Michigan
Source: Ownwell
$50,180
$106,100
$162,020
Median Gaastra Market Value
$50,180
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 Gaastra, Iron County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49927 | $3,780 | $25,180 | $50,180 | $88,660 | $171,800 |
Source: Ownwell
Property Tax Bills Across Gaastra, Iron County, Michigan
Median Gaastra Tax Bill
$565
Median Iron County Tax Bill
$781
Median Michigan Tax Bill
$2,084
Median United States Tax Bill
$2,400
Property Tax Bills Across Gaastra, Iron County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49927 | $47 | $102 | $565 | $1,090 | $1,897 |
Source: Ownwell