Falmouth, Michigan Property Taxes
The median property tax rate in Falmouth, MI is 0.89%, which is lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value in Falmouth of $104,200, the typical annual property tax bill amounts to $914, significantly less than the national median of $2,690. Property taxes in Falmouth are calculated based on the assessed value, which is often below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Falmouth'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 Falmouth 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
Falmouth, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$927
Ownwell’s Falmouth Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Falmouth with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Falmouth to provide an estimated property tax bill. This handy tool allows you to understand your potential tax liabilities better. For those interested in neighborhood-specific trends, there is more localized information available below. Your property’s assessed value, determined by the county, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Falmouth, Michigan
Property taxes in Falmouth, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Falmouth is 0.89%, which is lower than the U.S. national median of 0.99%. Local government entities within Falmouth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Falmouth 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 Falmouth's effective property tax rate to other areas in Michigan and the national median. For comparison, the zip code 49632 has both the highest and lowest median property tax rate of 0.89%. Understanding how these areas compare with Falmouth provides valuable insights into the varying tax landscape across Missaukee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Falmouth Tax Rate
0.89%
Average Missaukee County Tax Rate
0.95%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Falmouth, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49632 | 0.56% | 0.68% | 0.89% | 1.25% | 1.55% |
Source: Ownwell
Property Tax Assessment Values Across Falmouth, Michigan
In Falmouth, 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 Missaukee 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 Falmouth, 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 instance, the median home price in Falmouth is $104,200, with tax bills ranging from $527 at the 25th percentile to $1,494 at the 75th percentile. The highest and lowest median tax bills in the area are both $914, found in the 49632 zip code. 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 Falmouth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Falmouth Assessed Value
$104,200
Average Missaukee County Assessed Value
$117,600
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Falmouth, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49632 | $28,600 | $57,950 | $104,200 | $177,800 | $292,240 |
Source: Ownwell
Property Tax Bills Across Falmouth, Michigan
In Falmouth, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, the median home price in Falmouth is $104,200. Homeowners in this area can expect their property tax bills to vary, with the 25th percentile at $527 and the 75th percentile at $1,494. At the 90th percentile, the tax bill can reach up to $2,494. Several factors influence these tax bills, including property size, location, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Falmouth's property taxes can be relatively moderate, providing a balanced financial impact on homeowners. This structured approach ensures that property taxes are fairly distributed, reflecting the value and characteristics of each property.
Average Falmouth Tax Bill
$914
Average Missaukee County Tax Bill
$1,099
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Falmouth, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49632 | $262 | $527 | $914 | $1,494 | $2,494 |
Source: Ownwell