Merrill, Michigan Property Taxes
The median property tax rate in Merrill, MI is 0.42%, considerably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Merrill, the typical annual property tax bill reaches $537, significantly below the national median of $2,690. Property taxes in Merrill are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Merrill'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 Merrill 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
Merrill, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.42%
Estimate Property Tax Bill
$559
Ownwell’s Merrill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Merrill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Merrill 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 Merrill, Michigan
Property taxes in Merrill, Michigan, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Merrill is 1.62%, significantly higher than both the Michigan state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Merrill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Merrill 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 Merrill's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48637 zip code has the highest median property tax rate of 1.62%, while the same zip code also has the lowest median tax rate of 1.62%. Understanding how these cities compare with Merrill provides valuable insights into the varying tax landscape across Midland, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Merrill Tax Rate
0.42%
Average Gratiot County Tax Rate
0.33%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Merrill, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48637 | 0.28% | 0.35% | 0.42% | 0.58% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Merrill, Michigan
In Merrill, 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 Gratiot 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. For example, in Merrill, the median home price is $133,000, with the 25th percentile tax bill at $416 and the 75th percentile tax bill at $696. The highest median tax bill is $537 in the 48637 zip code. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Merrill Assessed Value
$133,000
Average Gratiot County Assessed Value
$112,300
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Merrill, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48637 | $63,320 | $90,600 | $133,000 | $174,200 | $220,120 |
Source: Ownwell
Property Tax Bills Across Merrill, Michigan
In Merrill, MI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. Homeowners in Merrill can expect their property tax bills to vary significantly depending on their property's assessed value. The median home price in the area is $133,000. Property tax bills range from $416 at the 25th percentile to $927 at the 90th percentile, with a median tax bill of $537. These figures highlight how property taxes can differ even within the same community, largely influenced by the home's assessed value and applicable tax rates. Several factors contribute to the final tax bill, including local government budgets, school district funding needs, and other municipal services. For homeowners, this means that their annual property tax bill can have a substantial impact on their overall housing costs. Compared to the national median property tax rate of 0.99%, Merrill's property taxes may be considered moderate, but they still play a crucial role in the financial planning of homeowners.
Average Merrill Tax Bill
$537
Average Gratiot County Tax Bill
$380
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Merrill, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48637 | $263 | $416 | $537 | $696 | $927 |
Source: Ownwell