Cement City, Michigan Property Taxes
The median property tax rate in Cement City, MI is 1.15%, noticeably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Cement City at $137,800, the typical annual property tax bill reaches $1,558, surpassing the national median of $2,690. Property taxes in Cement City are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cement City'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 Cement City or another part of Lenawee County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cement City, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.15%
Estimate Property Tax Bill
$1,585
Ownwell’s CEMENT CITY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in CEMENT CITY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in CEMENT CITY 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 Cement City, Michigan
Property taxes in Cement City, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cement City is 1.15%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Cement City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cement City 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 Cement City's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49233 zip code has the highest median property tax rate of 1.15%, while the 49233 zip code also has the lowest median tax rate of 1.15%. Understanding how these cities compare with Cement City 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 Cement City Tax Rate
1.15%
Average Lenawee County Tax Rate
1.14%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cement City, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49233 | 0.79% | 1.02% | 1.15% | 1.85% | 2.24% |
Source: Ownwell
Property Tax Assessment Values Across Cement City, Michigan
In Cement City, 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 Cement City, 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. The median home price in Cement City is $137,800, with the highest and lowest median tax bills both recorded at $1,558 in the 49233 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cement City Assessed Value
$137,800
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 Cement City, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49233 | $59,080 | $84,800 | $137,800 | $262,800 | $414,040 |
Source: Ownwell
Property Tax Bills Across Cement City, Michigan
In Cement City, property tax bills are calculated based on the assessed value of a home, which is determined by the Lenawee County tax assessor. This assessed value is typically a percentage of the market value of the property. The local tax rate is then applied to this assessed value to calculate the annual property tax bill. For example, with a median home price of $137,800 in Cement City, homeowners can expect their property tax bill to fall within a range, depending on the specific assessed value and applicable exemptions. Factors considered in determining the tax bill include the property's location, size, and any improvements made to it. Homeowners in Cement City see a wide range in their property tax bills, with the 25th percentile paying around $1,181 and the 75th percentile paying approximately $2,042. The highest median tax bill in the area is $1,558, which is higher than the national median property tax rate of 0.99%. These taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the community's quality of life.
Average Cement City Tax Bill
$1,558
Average Lenawee County Tax Bill
$2,184
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Cement City, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49233 | $570 | $1,181 | $1,558 | $2,042 | $2,056 |
Source: Ownwell