49968 Property Tax Rate

Property owners in ZIP code 49968 (Wakefield, Michigan) pay a median of $1,256/year in property taxes on homes valued at $79,000. This translates to an effective tax rate of 1.59%, which is 30% above the Michigan state average of 1.22%.

The monthly property tax burden for a median-valued home in 49968 is approximately $105, which factors into escrow payments on mortgages. This ZIP code is located within Gogebic County. This is $1,170 less than the Michigan average of $2,426/year.

Compared to similar ZIP codes in Michigan, 49968 has lower property taxes. ZIP codes with similar effective rates include 49256 (1.59%) and 48220 (1.59%).

In Wakefield, property taxes represent approximately 2.4% of the median household income of $51,607, providing context for the relative tax burden on homeowners in this area.

If you're considering purchasing a home in 49968, keep in mind that property taxes are based on the assessed value assigned by the local assessor, which may differ from the purchase price. In some states, properties are reassessed at or near the sale price upon transfer of ownership. For the most current tax information for a specific property, consult Gogebic County's tax assessor directly.