Michigan— Property Tax & Closing Costs
2024 Census dataEffective tax rate
0.96%
of assessed value annually
Median home value
$142,200
2024 ACS survey
Median taxes paid
$1,359/yr
2024 data
Iosco County's 0.96% effective property tax rate falls in the middle 50% of US counties — close to the national median of 0.81%. Within Michigan's 83 counties, it's the 18th lowest. On the county's median home value of $142,200, the typical homeowner pays $1,359 annually in property tax — $270 less than the national median of $1,629. At closing, Michigan's 0.86% combined real estate transfer tax adds roughly $1,223 on a median-priced home, typically paid by the seller.
Calculate your true cost
Enter any purchase price to see the full cost breakdown for Iosco County.
County median: $142,200
Leave at $0 if the property has no homeowners association.
LTV: 80.00%
At closing
Monthly ongoing
Year one
Low flood risk. Flood insurance not typically required. Verify at msc.fema.gov for your specific property.
All figures are estimates for planning purposes only. Mortgage payment assumes a 30-year fixed rate of 6.8% — your lender will confirm the actual rate. Closing costs vary by lender and transaction. Consult a licensed real estate attorney and lender before making any financial decisions.
Michigan property tax exemptions
Ways buyers in Iosco County may reduce their annual property tax. These programs apply statewide; verify county specifics with your local assessor.
Principal Residence Exemption (PRE)
Exempts an owner-occupied primary residence from up to 18 mills of local school operating tax, typically reducing property tax by 25-35% vs. non-homestead properties.
View official source →Proposal A Cap
Annual increase in taxable value of a homestead is capped at CPI or 5%, whichever is lower (2.7% for tax year 2026). Cap 'uncaps' on transfer of ownership.
View official source →Disabled Veterans Exemption
Full property tax exemption on the principal residence for 100%-disabled veterans (or individual unemployability) and unremarried surviving spouses.
View official source →Last verified 2026-04. Exemption amounts and eligibility change frequently — always confirm with your county assessor before claiming.
Frequently asked questions
Answers to common questions about buying a home in Iosco County.
The effective property tax rate in Iosco County is 0.96% — calculated as the median annual property tax paid ($1,359) divided by the median home value ($142,200), using 2024 US Census ACS 5-year estimates. Your actual bill depends on your purchase price, homestead or senior exemptions, and any special assessments applied in your taxing district.
Michigan's combined real estate transfer tax is approximately 0.86% of the purchase price. On the median Iosco County home value of $142,200, this adds roughly $1,223 at closing. State Real Estate Transfer Tax $3.75/$500 (0.75%) + County Real Estate Transfer Tax $0.55/$500 (0.11%), both seller-paid per MCL 207.523 and 207.505. Counties with population >2M can charge up to $0.75/$500 county portion. Combined rate: 0.86%.
Flood risk is relatively low. Only 1.1% of Iosco County's land falls within a FEMA Special Flood Hazard Area. Flood insurance is not typically required, though individual properties near waterways may still be in a zone — verify at msc.fema.gov.
Closing costs for a buyer in Iosco County typically run $2,844–$7,110 (2–5% of purchase price) on a median-priced home, including title insurance ($800–$2,000), appraisal ($400–$700), home inspection ($350–$600), recording fees ($100–$300), and loan origination (0.5–1.0% of the loan amount). Use the calculator above for a specific estimate at your purchase price.
Data sources for Iosco County
Every figure on this page is traceable. Verify the numbers yourself against the original public data.
Source for the 0.96% effective property tax rate, median home value, and median taxes paid (ACS 5-year, 2024 vintage).
Source for county-level flood zone exposure, wildfire risk, and other natural hazard ratings. Updated quarterly by FEMA.
Look up a specific property's flood zone and insurance rate map before making an offer on a home in Iosco County.
Guides for Michigan home buyers
What every buyer should read before making an offer.
HOA Documents
HOA lawsuits — how to check for pending litigation against your future HOA before you close
A buyer closed on a house and only then found out about ongoing HOA lawsuits. Six checks you can run yourself before your contingencies expire.
Read the guide →HOA Documents
Undisclosed HOA special assessment — what you can do if you find out after closing
HOA special assessment not on the disclosure? One buyer got a $15,000 bill the day after closing. How to catch it before — and what to do after.
Read the guide →