Litchfield, Michigan Property Taxes
The median property tax rate in Litchfield, MI is 0.90%, slightly below the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Litchfield at $183,680, the typical annual property tax bill amounts to $1,507, which is significantly lower than the national median of $2,690. Property taxes in Litchfield are calculated based on the tax assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural properties. Navigating Litchfield's property tax system, exploring the available exemptions, and identifying opportunities for reductions can result in considerable annual savings. Whether you're in the heart of Litchfield or another part of the city, gaining a thorough understanding of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Litchfield, Michigan Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$2,140
Ownwell’s Litchfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Litchfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Litchfield 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 Litchfield, Michigan
Property taxes in Litchfield, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Litchfield is 0.90%, which is slightly below the U.S. national median of 0.99%. Local government entities within Litchfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Litchfield 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 Litchfield's effective property tax rate to other counties in Michigan and the national median. For comparison, the zip code 49252 has the highest median property tax rate of 0.90%, while the same zip code also has the lowest median tax rate of 0.90%. Understanding how these cities compare with Litchfield provides valuable insights into the varying tax landscape across Calhoun County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Litchfield Tax Rate
0.90%
Average Calhoun County Tax Rate
1.36%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Litchfield, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49252 | 0.42% | 0.71% | 0.90% | 1.12% | 1.53% |
Source: Ownwell
Property Tax Assessment Values Across Litchfield, Michigan
In Litchfield, 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 Calhoun 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. Assessment notices in Litchfield 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. The median home price in Litchfield is $183,680, with tax bills ranging from $1,116 at the 25th percentile to $2,945 at the 90th percentile. Notably, the highest and lowest median tax bills are both $1,507 in the 49252 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Litchfield Assessed Value
$183,680
Average Calhoun County Assessed Value
$125,045
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Litchfield, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49252 | $63,240 | $100,140 | $183,680 | $273,390 | $433,622 |
Source: Ownwell
Property Tax Bills Across Litchfield, Michigan
In Litchfield, Calhoun County, MI, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. For homeowners in this area, the median home price stands at $183,680. The tax rate is applied to this assessed value to determine the annual property tax bill. Several factors influence the final amount, including property size, location, and any applicable exemptions or deductions. Homeowners in Litchfield can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $1,116, while those in the 75th percentile pay approximately $2,102. At the higher end, the 90th percentile tax bill reaches up to $2,945. Compared to the national median property tax rate of 0.99%, Litchfield's tax bills reflect the local economic conditions and property values. Understanding these factors can help homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Litchfield Tax Bill
$1,507
Average Calhoun County Tax Bill
$1,916
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Litchfield, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49252 | $762 | $1,116 | $1,507 | $2,102 | $2,945 |
Source: Ownwell