Shepherd, Michigan Property Taxes
The median property tax rate in Shepherd, MI is 0.44%, considerably lower than both the national median of 0.99% and Michigan's state median of 1.07%. With the median home value in Shepherd at $97,800, the typical annual property tax bill reaches $444, significantly below the national median of $2,690. Property taxes in Shepherd 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 Shepherd'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 Shepherd 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
Shepherd, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.44%
Estimate Property Tax Bill
$430
Ownwell’s Shepherd Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Shepherd with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Shepherd 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 Shepherd, Michigan
Property taxes in Shepherd, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Shepherd is 1.64%, significantly higher than the U.S. national median of 0.99%. Local government entities within Shepherd set these rates annually, and they can vary significantly across different neighborhoods. Each year, Shepherd 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 Shepherd's effective property tax rate to other counties in Michigan and the national median. For comparison, the ZIP code 48883 has the same median property tax rate of 1.64%. Understanding how these areas compare with Shepherd 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 Shepherd Tax Rate
0.44%
Average Midland County Tax Rate
0.54%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Shepherd, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48883 | 0.32% | 0.39% | 0.44% | 0.51% | 0.54% |
Source: Ownwell
Property Tax Assessment Values Across Shepherd, Michigan
In Shepherd, 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 Shepherd, 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 Shepherd 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 48883, both valued at $444.
Average Shepherd Assessed Value
$97,800
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 Shepherd, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48883 | $33,280 | $56,700 | $97,800 | $180,300 | $260,600 |
Source: Ownwell
Property Tax Bills Across Shepherd, Michigan
Property tax bills in Shepherd, located in Midland County, MI, are determined by assessing the value of a property and applying the local tax rate. The assessed value is typically a percentage of the property's market value. For instance, a median home in Shepherd, valued at $97,800, will have its assessed value calculated, and then the local tax rate is applied to this assessed value to determine the tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. Homeowners in Shepherd can expect their tax bills to vary significantly. For example, the 25th percentile tax bill is around $254, while the 75th percentile tax bill reaches $743, and the 90th percentile tax bill can go up to $1,152. This variability means that homeowners need to be aware of how their property’s assessed value and the local tax rate impact their annual expenses. Compared to the national median property tax rate of 0.99%, Shepherd's property tax bills reflect the local economic conditions and municipal budget requirements.
Average Shepherd Tax Bill
$444
Average Midland County Tax Bill
$1,273
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Shepherd, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48883 | $157 | $254 | $444 | $743 | $1,152 |
Source: Ownwell