Wallace, Menominee County, Michigan Property Taxes

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

Median Wallace, MI effective property tax rate: 0.30%, significantly lower than the national median of 1.02%, but lower than the Michigan state median of 1.07%.
Median Wallace, MI home value: $125,700
Median annual Wallace, MI tax bill: $352, $2,048 lower than the national median property tax bill of $2,400.

How are property taxes in Menominee calculated?

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

Last Updated March 1, 2025

Wallace, Menominee County, Michigan Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.82%

Estimate Property Tax Bill

$1,338

$1,242

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

Property Tax Rates Across Wallace, Menominee County, Michigan

Local government entities set tax rates, which can vary widely within a state. This is because annually, each county estimates its required budget to provide services and divides that by the total assessed value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While votes and laws are involved in setting tax rates and budgets, in a nutshell, this is the annual process.

Wallace in Menominee County, Michigan, has a notably lower effective property tax rate compared to other cities in Michigan and the national median. This lower rate can be an attractive feature for property owners in the area, providing potential savings on property tax bills. The median property tax rate in Michigan is quite competitive, offering potential benefits for homeowners seeking lower tax obligations. When compared to the national median property tax rate and bill, Wallace's rate is significantly more favorable, making it an appealing choice for those looking to reduce their annual property tax expenses.

Property Tax Rates Across Wallace, Menominee County, Michigan

Source: Ownwell

0.79%

1.21%

1.62%

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 Wallace Tax Rate

0.82%

Median Effective Menominee County Tax Rate

1.16%

Median Effective Michigan Tax Rate

1.05%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Wallace, Menominee County, Michigan

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
49893	0.54%	0.68%	0.82%	1.10%	1.60%

Source: Ownwell

Property Tax Assessment Values Across Wallace, Menominee County, Michigan

When examining property taxes in Wallace, 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 Menominee 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 Menominee County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of March. 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 Wallace. For example, the median home price in Wallace is $125,700, with tax bills ranging significantly across the county. Zip code 49893 has the highest median home price at $125,700.

Property Tax Assessment Values Across Wallace, Menominee County, Michigan

Source: Ownwell

$60,200

$118,900

$177,600

Median Wallace Market Value

$163,200

Median Menominee County Market Value

$110,600

Median Michigan Market Value

$213,740

Median United States Market Value

$235,294

Property Tax Assessment Values Across Wallace, Menominee County, Michigan

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
49893	$52,000	$100,650	$163,200	$225,150	$296,100

Source: Ownwell

Property Tax Bills Across Wallace, Menominee County, Michigan

In Wallace, located in Menominee County, Michigan, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the property's market value. Several factors influence this value, including the property's location, size, and condition. The median home price in Wallace is $125,700, and homeowners can expect tax bills that vary significantly. For instance, the 25th percentile tax bill is $225, while the 75th percentile reaches $527, and the 90th percentile goes up to $729. Compared to the national median property tax bill of $2,400, Wallace residents generally pay lower tax bills. However, even with relatively lower taxes, homeowners may still find opportunities to save. Ownwell assists homeowners by identifying potential discrepancies in property assessments and exploring available exemptions. By leveraging expert knowledge and experience, Ownwell can help reduce your property tax burden, ensuring you only pay your fair share.

Property Tax Bills Across Wallace, Menominee County, Michigan

Source: Ownwell

$665

$1,187

$1,709

Median Wallace Tax Bill

$1,330

Median Menominee County Tax Bill

$1,361

Median Michigan Tax Bill

$2,084

Median United States Tax Bill

$2,400

Property Tax Bills Across Wallace, Menominee County, Michigan

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
49893	$571	$887	$1,330	$1,880	$2,818

Source: Ownwell