Otisville, Michigan Property Taxes
The median property tax rate in Otisville, MI is 0.40%, significantly lower than both the national median of 0.99% and Michigan's state median of 1.07%. With a median home value of $183,000 in Otisville, the typical annual property tax bill is approximately $817, well below the national median of $2,690. Property taxes in Otisville are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Otisville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Otisville or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Otisville, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$732
Ownwell’s Otisville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Otisville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Otisville 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 Otisville, Michigan
Property taxes in Otisville, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Otisville is 0.40%, which is lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Otisville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Otisville 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 Otisville's effective property tax rate to other areas in Genesee County and the national median. For comparison, the 48463 ZIP code has both the highest and lowest median property tax rate of 0.40%. Understanding how these areas compare with Otisville 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 Otisville Tax Rate
0.40%
Average Genesee County Tax Rate
0.93%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Otisville, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48463 | 0.31% | 0.34% | 0.40% | 0.51% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Otisville, Michigan
In Otisville, 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. In Otisville, 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 Otisville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 48463, with a median tax bill of $817.
Average Otisville Assessed Value
$183,000
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 Otisville, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48463 | $99,400 | $135,050 | $183,000 | $249,150 | $317,800 |
Source: Ownwell
Property Tax Bills Across Otisville, Michigan
Property tax bills in Otisville, located in Genesee County, MI, are calculated based on the assessed value of a property, which is determined by local assessors. The median home price in Otisville is $183,000. Homeowners can expect their property tax bills to fall within a range depending on the assessed value and applicable tax rates. The tax bill for the 25th percentile is around $607, while the 75th percentile sees bills closer to $1071. For those at the 90th percentile, tax bills can reach up to $1411. Several factors influence these amounts, including the property's assessed value and local tax rates. Compared to the national median property tax rate of 0.99%, Otisville's rates reflect a localized approach to property taxation. Homeowners in the area should be aware of these factors as they can significantly impact annual financial planning. Understanding how these elements come together helps residents anticipate their tax obligations and manage their budgets more effectively.
Average Otisville Tax Bill
$817
Average Genesee County Tax Bill
$1,090
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Otisville, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48463 | $448 | $607 | $817 | $1,071 | $1,411 |
Source: Ownwell