Tustin, Michigan Property Taxes
The median property tax rate in Tustin, MI is 0.36%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $122,700 in Tustin, the typical annual property tax bill amounts to $422, which is well below the national median of $2,690. Property taxes in Tustin are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Tustin'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 Tustin or another part of Lake County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tustin, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.36%
Estimate Property Tax Bill
$442
Ownwell’s Tustin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tustin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tustin 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 Tustin, Michigan
Property taxes in Tustin, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tustin is 0.36%, significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Tustin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tustin 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 Tustin's effective property tax rate to other counties in Michigan and the national median. For comparison, the highest median property tax rate in the region is significantly higher, while other areas have a lower median tax rate. Understanding how these cities compare with Tustin provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tustin Tax Rate
0.36%
Average Lake County Tax Rate
0.38%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tustin, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49688 | 0.21% | 0.29% | 0.36% | 0.40% | 0.46% |
Source: Ownwell
Property Tax Assessment Values Across Tustin, Michigan
In Tustin, 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 Lake 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 Tustin, 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 Tustin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill in Tustin is 49688, with a median tax bill of $422.
Average Tustin Assessed Value
$122,700
Average Lake County Assessed Value
$80,200
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tustin, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49688 | $41,780 | $78,650 | $122,700 | $176,250 | $255,180 |
Source: Ownwell
Property Tax Bills Across Tustin, Michigan
In Tustin, MI, property tax bills are calculated by multiplying the assessed value of a home by the local property tax rate. The assessed value is typically a percentage of the market value, reflecting the home's worth. Various factors influence this assessed value, including the home's size, location, and condition. The property tax rate in Tustin is influenced by local government budgets and needs, and it is applied uniformly across properties. Homeowners in Tustin experience property tax bills that can vary significantly. For example, the 25th percentile tax bill is $234, while the 75th percentile tax bill is $628, and the 90th percentile tax bill reaches $871. This variation highlights the impact of property value and other factors on the tax amount. Compared to the national median property tax rate of 0.99%, Tustin homeowners may find their tax rates either higher or lower, depending on these assessed values and local rates. Understanding these factors helps homeowners anticipate their annual property tax obligations.
Average Tustin Tax Bill
$422
Average Lake County Tax Bill
$302
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Tustin, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49688 | $136 | $234 | $422 | $628 | $871 |
Source: Ownwell