Hope, Michigan Property Taxes
The median property tax rate in Hope, MI is 0.43%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Hope at $144,200, the typical annual property tax bill is $616, far below the national median of $2,690. Property taxes in Hope are calculated based on the assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hope'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 Hope or another part of Midland County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hope, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.43%
Estimate Property Tax Bill
$620
Ownwell’s Hope Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hope with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hope 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 Hope, Michigan
Property taxes in Hope, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hope is 1.54%, significantly higher than both the Michigan state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Hope set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hope 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 Hope's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48628 zip code has both the highest and lowest median property tax rate of 1.54%. Understanding how these cities compare with Hope 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 Hope 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 Hope, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48628 | 0.33% | 0.36% | 0.43% | 0.51% | 0.54% |
Source: Ownwell
Property Tax Assessment Values Across Hope, Michigan
In Hope, 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 Midland County 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 Hope, 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 Hope helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 48628, with a tax bill of $616, while the lowest median tax bill is also in zip code 48628, at $616.
Average Hope Assessed Value
$144,200
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 Hope, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48628 | $53,660 | $91,250 | $144,200 | $221,000 | $312,980 |
Source: Ownwell
Property Tax Bills Across Hope, Michigan
In Hope, 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 instance, with a median home price of $144,200, the tax bill can vary significantly. Homeowners in the 25th percentile might see a tax bill around $399, while those in the 75th percentile could pay approximately $933. At the 90th percentile, tax bills can reach up to $1,388. These variations depend on several factors, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. The median property tax rate in Hope is 0.99%, aligning with the national median. This rate ensures that homeowners contribute fairly to community services and infrastructure. Understanding these factors can help homeowners in Hope anticipate their property tax obligations and manage their finances more effectively.
Average Hope Tax Bill
$616
Average Midland County Tax Bill
$1,273
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Hope, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48628 | $232 | $399 | $616 | $933 | $1,388 |
Source: Ownwell