Caspian, Iron County, Michigan Property Taxes
Property Taxes in Caspian, Michigan
Median Caspian, Michigan effective property tax rate: 1.56%, significantly higher than the national median of 1.02%, and higher than the Michigan state median of 1.05%.
Median Caspian, Michigan home value: $58,600
Median annual Caspian, Michigan tax bill: $694, lower than the national median property tax bill of $2,400.
How are property taxes in Iron County calculated?
Property taxes in Caspian, Michigan 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 April 13, 2026
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
How Does the Caspian Property Tax Calculator Work?
Use this Caspian property tax calculator to estimate your annual property tax bill. Enter your property's assessed value and our calculator applies Caspian's median effective tax rate of 1.56% — based on actual property records in Iron County — to generate your estimate.
Enter your property's estimated assessed value — the figure the local appraisal district uses to calculate your bill, which reflects any exemptions you hold and is typically lower than your home's market value. Our calculator applies Caspian's median effective rate across all local levies, providing a more accurate estimate than applying a single county millage rate.
Your bill may vary by ZIP code within Caspian: rates are 694 in 49915, with no variation across the city in the available data. Compared with the national median property tax rate of 1.02% and national median property tax bill of $2,400, Caspian’s median tax rate is higher and its median bill is lower.
For a more precise estimate, scroll down to explore ZIP code-level tax rate trends across Caspian.
About Caspian Property Taxes
About Property Taxes in Caspian, Iron, Michigan
Caspian’s median effective property tax rate of 1.56% is higher than the Michigan state median of 1.05% and higher than the national median of 1.02%. This rate reflects the Iron County base levy combined with local school district levies and tax increment finance districts that vary by subdivision throughout the city.
Property tax rates are not uniform across Caspian. Homeowners in ZIP code 49915 carry a median effective rate of 1.56%, while those in the same ZIP code pay 1.56%. This spread reflects how school district boundaries and local assessment districts are drawn across Iron County. Understanding which part of Caspian you live in can make a meaningful difference to your annual tax bill.
Caspian homeowners who believe their assessed value is too high can file a formal appeal with the Tax Assessor before the March 9, 2026 deadline each year.
If your estimated bill above seems higher than expected, Ownwell can review your assessment and protest on your behalf. You only pay if we save you money.
Property Tax Rates Across Caspian, Iron County, Michigan
As noted earlier, 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 Caspian's effective property tax rate to other cities in Michigan and the median property tax rates in Michigan and the U.S.
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, Michigan, 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 assessment office 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 February each year. They'll typically reach your mailbox by the middle of February.
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. For example, the median home price in Caspian is $58,600, with tax bills ranging significantly across the county. ZIP code 49915 has the highest median home price at $58,600.
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
How are property tax bills calculated in Caspian?
Property tax bills in Caspian are based on the assessed value of a home and the local tax rate set for Iron County. When a property’s market value changes, the assessed value can change too, which affects the final bill. Homeowners with more valuable properties usually pay more, while lower-valued homes generally have smaller bills.
What factors are considered in the calculation?
The main factors are the home’s assessed value, local tax rates, and any exemptions that may apply. In Caspian, the median home price is $58,600, and the median property tax bill is $694. That is well below the national median property tax bill of $2,400, showing that many homeowners in the city pay less than the typical U.S. homeowner.
How does this affect homeowners?
Property taxes can influence monthly housing costs and long-term affordability. In Caspian, the 25th percentile tax bill is $335, while the 75th percentile is $947 and the 90th percentile is $1,214. This range shows how tax bills can vary depending on property value and assessment.
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
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | March 9 |
Links | |
|---|---|
| Iron Tax Assessor | |
| Website | bsaonline.com |