New Buffalo, Michigan Property Taxes
The median property tax rate in New Buffalo, MI is 0.86%, which is lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in New Buffalo at $463,200, the typical annual property tax bill reaches $3,937, significantly surpassing the national median of $2,690. Property taxes in New Buffalo are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding New Buffalo'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 New Buffalo 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
New Buffalo, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$3,984
Ownwell’s New Buffalo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Buffalo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Buffalo 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 New Buffalo, Michigan
Property taxes in New Buffalo, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Buffalo is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within New Buffalo set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Buffalo 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 New Buffalo's effective property tax rate to other areas in Michigan and the national median. For comparison, the zip code 49117 has the highest median property tax rate of 0.86%, while the same zip code also has the lowest median tax rate of 0.86%. Understanding how these areas compare with New Buffalo 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 New Buffalo Tax Rate
0.86%
Average Berrien County Tax Rate
0.85%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Buffalo, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49117 | 0.46% | 0.62% | 0.86% | 1.07% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across New Buffalo, Michigan
In New Buffalo, 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 New Buffalo, 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. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in New Buffalo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 49117 has the highest and lowest median tax bill at $3,937.
Average New Buffalo Assessed Value
$463,200
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 New Buffalo, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49117 | $188,380 | $276,500 | $463,200 | $751,900 | $1,402,640 |
Source: Ownwell
Property Tax Bills Across New Buffalo, Michigan
In New Buffalo, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is typically a percentage of the property's market value. Homeowners in New Buffalo, located in Berrien County, can expect their property tax rates to be influenced by various factors such as local government budgets, school district funding needs, and public services. For instance, with a median home price of $463,200, the property tax bill can vary significantly. The 25th percentile tax bill is around $2,091, while the 75th percentile tax bill is approximately $6,713. At the higher end, the 90th percentile tax bill can reach up to $11,702. The highest and lowest median tax bills in the area both stand at $3,937, indicating a relatively consistent tax burden within this zip code. Compared to the national median property tax rate of 0.99%, New Buffalo's property tax rates can be considered on the higher side, affecting homeowners by requiring a more substantial annual financial commitment.
Average New Buffalo Tax Bill
$3,937
Average Berrien County Tax Bill
$1,463
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across New Buffalo, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49117 | $1,289 | $2,091 | $3,937 | $6,713 | $11,702 |
Source: Ownwell