Coleman, Michigan Property Taxes
The median property tax rate in Coleman, MI is 0.43%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $124,000 in Coleman, the typical annual property tax bill amounts to $648, well below the national median of $2,690. Property taxes in Coleman are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Coleman'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 Coleman or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Coleman, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.43%
Estimate Property Tax Bill
$533
Ownwell’s Coleman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Coleman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Coleman 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 Coleman, Michigan
Property taxes in Coleman, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Coleman is 1.36%, higher than both the Michigan state median of 1.31% and the U.S. national median of 0.99%. Local government entities within Coleman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Coleman 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 Coleman'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 1.36%, while the lowest median tax rate is also 1.36%. Understanding how these cities compare with Coleman provides valuable insights into the varying tax landscape across Midland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Coleman Tax Rate
0.43%
Average Midland County Tax Rate
0.54%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Coleman, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48618 | 0.31% | 0.37% | 0.43% | 0.55% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Coleman, Michigan
In Coleman, 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 Midland 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 Coleman, 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, the median home price in Coleman is $124,000, with tax bills varying from $397 at the 25th percentile to $1,370 at the 90th percentile. The highest median tax bill is found in the 48618 zip code, amounting to $648. 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 Coleman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Coleman Assessed Value
$124,000
Average Midland County Assessed Value
$158,800
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Coleman, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48618 | $48,740 | $82,100 | $124,000 | $186,800 | $261,840 |
Source: Ownwell
Property Tax Bills Across Coleman, Michigan
In Coleman, located in Midland County, MI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For example, the median home price in Coleman is $124,000. The tax rate is applied to this assessed value to determine the annual tax bill. Various factors influence the final tax bill, including local tax rates, property assessments, and any applicable exemptions or deductions. Homeowners in Coleman can expect their property tax bills to vary significantly. At the 25th percentile, tax bills are around $397, while at the 75th percentile, they rise to approximately $977. For those at the 90th percentile, tax bills can reach up to $1,370. The highest and lowest median tax bills in the area are both $648, found in the 48618 zip code. Compared to the national median property tax rate of 0.99%, Coleman's property tax rates can have a substantial impact on homeowners' annual expenses, influencing their overall cost of living and financial planning.
Average Coleman Tax Bill
$648
Average Midland County Tax Bill
$1,273
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Coleman, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48618 | $222 | $397 | $648 | $977 | $1,370 |
Source: Ownwell