Addison, Michigan Property Taxes
The median property tax rate in Addison, Michigan is 1.09%, slightly higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Addison, the typical annual property tax bill reaches $1,481, which is below the national median of $2,690. Property taxes in Addison 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 Addison'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 Addison 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
Addison, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$1,979
Ownwell’s Addison Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Addison with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Addison 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 Addison, Michigan
Property taxes in Addison, Michigan, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Addison is 1.09%, which is higher than the U.S. national median of 0.99%. Local government entities within Addison set these rates annually, and they can vary significantly across different neighborhoods. Each year, Addison 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 Addison's effective property tax rate to other areas in Michigan and the national median. For comparison, the 49220 zip code has both the highest and lowest median property tax rate in the region at 1.09%. Understanding how these areas compare with Addison provides valuable insights into the varying tax landscape across Lenawee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Addison Tax Rate
1.09%
Average Lenawee County Tax Rate
1.14%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Addison, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49220 | 0.63% | 0.88% | 1.09% | 1.25% | 1.62% |
Source: Ownwell
Property Tax Assessment Values Across Addison, Michigan
In Addison, 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 Lenawee 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 Addison, 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 Addison 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 is 49220, with a median tax bill of $1,481.
Average Addison Assessed Value
$181,600
Average Lenawee County Assessed Value
$168,800
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Addison, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49220 | $65,000 | $102,750 | $181,600 | $302,600 | $480,860 |
Source: Ownwell
Property Tax Bills Across Addison, Michigan
In Addison, property tax bills are calculated based on the assessed value of a home and the local tax rate set by Lenawee County. The assessed value is typically a percentage of the market value of the property. For instance, with a median home price of $181,600, homeowners can expect varying tax bills. The 25th percentile tax bill is around $1,072, while the 75th percentile reaches $2,073, and the 90th percentile can go up to $3,003. These figures illustrate the range of property tax burdens depending on the property's assessed value and specific local tax rates. Factors influencing the tax bill include the property's market value, local tax rates, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Addison's rates reflect the local economic conditions and funding needs for public services. Homeowners in Addison should be aware of how these factors affect their annual tax obligations, as they directly impact household budgets and long-term financial planning.
Average Addison Tax Bill
$1,481
Average Lenawee County Tax Bill
$2,184
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Addison, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49220 | $780 | $1,072 | $1,481 | $2,073 | $3,003 |
Source: Ownwell