Buchanan, Michigan Property Taxes
The median property tax rate in Buchanan, MI is 0.87%, which is notably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Buchanan at $156,800, the typical annual property tax bill amounts to $1,441, well below the national median of $2,690. Property taxes in Buchanan are calculated based on the assessed value, which typically falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Buchanan's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Buchanan or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Buchanan, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$1,364
Ownwell’s Buchanan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Buchanan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Buchanan to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Buchanan, Michigan
Property taxes in Buchanan, Michigan, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Buchanan is 0.87%, lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Buchanan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Buchanan estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Buchanan's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49107 zip code has the highest median property tax rate of 0.87%, while the 49107 zip code also has the lowest median tax rate of 0.87%. Understanding how these cities compare with Buchanan provides valuable insights into the varying tax landscape across Berrien County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Buchanan Tax Rate
0.87%
Average Berrien County Tax Rate
0.85%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Buchanan, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49107 | 0.41% | 0.54% | 0.87% | 1.43% | 1.74% |
Source: Ownwell
Property Tax Assessment Values Across Buchanan, Michigan
In Buchanan, Michigan, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Berrien County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Buchanan, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. The median home price in Buchanan is $156,800, with tax bills ranging significantly. For example, the 25th percentile tax bill is $933, while the 75th percentile tax bill is $2,181. The highest median tax bill in Buchanan is $1,441 in the 49107 zip code, which is also the lowest median tax bill. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Buchanan Assessed Value
$156,800
Average Berrien County Assessed Value
$183,200
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Buchanan, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49107 | $64,000 | $104,400 | $156,800 | $242,600 | $384,200 |
Source: Ownwell
Property Tax Bills Across Buchanan, Michigan
In Buchanan, property tax bills are determined by applying the local tax rate to the assessed value of a property. The assessed value is typically a percentage of the market value, which is calculated by the local assessor's office. Factors such as the property's location, size, and condition play a significant role in determining its assessed value. Homeowners in Buchanan can expect varying tax bills based on their property's assessed value. For instance, the median home price in Buchanan is $156,800. At the 25th percentile, tax bills are around $933, while those at the 75th percentile reach approximately $2,181. The highest tax bills, at the 90th percentile, can go up to $3,318. Comparatively, Buchanan's property tax rates are competitive when set against the national median property tax rate of 0.99%. These taxes fund essential services such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners in the area.
Average Buchanan Tax Bill
$1,441
Average Berrien County Tax Bill
$1,463
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Buchanan, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49107 | $602 | $933 | $1,441 | $2,181 | $3,318 |
Source: Ownwell