New Lothrop, Michigan Property Taxes
The median property tax rate in New Lothrop, MI is 0.42%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $257,400 in New Lothrop, the typical annual property tax bill amounts to $1,258, which is well below the national median of $2,690. Property taxes in New Lothrop are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding New Lothrop's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to considerable annual savings. Whether you're in the heart of New Lothrop or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
New Lothrop, 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 New Lothrop Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Lothrop with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Lothrop 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 Lothrop, Michigan
Property taxes in New Lothrop, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Lothrop is 0.42%, significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within New Lothrop set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Lothrop 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 Lothrop's effective property tax rate to other counties in Michigan and the national median. For comparison, the zip code 48460 has both the highest and lowest median property tax rate of 0.42%. Understanding how these cities compare with New Lothrop provides valuable insights into the varying tax landscape across Genesee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Lothrop Tax Rate
0.42%
Average Genesee County Tax Rate
0.93%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Lothrop, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48460 | 0.36% | 0.37% | 0.42% | 0.67% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across New Lothrop, Michigan
In New Lothrop, 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 Genesee 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 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 Lothrop helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in New Lothrop, both at $1258, are found in the 48460 zip code. The 25th percentile tax bill is $1096, while the 75th percentile tax bill is $1582, with the 90th percentile reaching $2189.
Average New Lothrop Assessed Value
$257,400
Average Genesee County Assessed Value
$139,200
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Lothrop, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48460 | $190,400 | $195,500 | $257,400 | $323,500 | $388,400 |
Source: Ownwell
Property Tax Bills Across New Lothrop, Michigan
In New Lothrop, located in Genesee County, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is typically a percentage of the property's market value. Homeowners in New Lothrop can expect a median property tax rate around 0.99%, aligning closely with the national median. For a median home price of $257,400, this results in varying tax bills. At the 25th percentile, homeowners might pay around $1,096, while those in the 75th percentile could see bills up to $1,582. The highest median tax bill recorded in the area is $1,258, which falls within the zip code 48460. These tax bills are influenced by factors such as property improvements and changes in market conditions. Understanding these elements helps homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average New Lothrop Tax Bill
$1,258
Average Genesee County Tax Bill
$1,090
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across New Lothrop, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48460 | $1,056 | $1,096 | $1,258 | $1,582 | $2,189 |
Source: Ownwell