Fenwick, Michigan Property Taxes
The median property tax rate in Fenwick, MI is 0.41%, considerably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Fenwick at $136,600, the typical annual property tax bill reaches $557, significantly below the national median of $2,690. Property taxes in Fenwick 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 Fenwick'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 Fenwick 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
Fenwick, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.41%
Estimate Property Tax Bill
$560
Ownwell’s Fenwick Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fenwick with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fenwick 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 Fenwick, Michigan
Property taxes in Fenwick, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fenwick is 0.41%, which is lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Fenwick set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fenwick 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 Fenwick's effective property tax rate to other areas in Michigan and the national median. For comparison, the zip code 48834 has both the highest and lowest median property tax rate of 0.41%. Understanding how these areas compare with Fenwick provides valuable insights into the varying tax landscape across Ionia County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fenwick Tax Rate
0.41%
Average Ionia County Tax Rate
0.49%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fenwick, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48834 | 0.28% | 0.34% | 0.41% | 0.51% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Fenwick, Michigan
In Fenwick, 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 Ionia 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 Fenwick, 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 Fenwick helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $557, found in zip code 48834.
Average Fenwick Assessed Value
$136,600
Average Ionia County Assessed Value
$146,400
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fenwick, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48834 | $56,520 | $92,400 | $136,600 | $201,600 | $295,880 |
Source: Ownwell
Property Tax Bills Across Fenwick, Michigan
In Fenwick, MI, property tax bills are calculated based on the assessed value of a home. The assessed value is typically a percentage of the market value, which is determined by local property assessors. Homeowners in Fenwick can expect varied tax bills depending on the value of their property. For instance, the median home price in the area is $136,600, and tax bills can range significantly. At the 25th percentile, homeowners might pay around $375, while those at the 75th percentile could see bills as high as $851. For properties at the 90th percentile, tax bills can reach up to $1,293. These tax bills are influenced by local tax rates, which are applied to the assessed value. The highest and lowest median tax bills in Fenwick are both $557, indicating a relatively stable tax environment within the zip code 48834. Compared to the national median property tax rate of 0.99%, Fenwick's rates can be considered moderate, impacting homeowners' annual expenses accordingly.
Average Fenwick Tax Bill
$557
Average Ionia County Tax Bill
$910
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Fenwick, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48834 | $239 | $375 | $557 | $851 | $1,293 |
Source: Ownwell