Prescott, Michigan Property Taxes
The median property tax rate in Prescott, Michigan 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 Prescott, the typical annual property tax bill is $222, significantly below the national median of $2,690. Property taxes in Prescott are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Prescott'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 Prescott or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Prescott, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$223
Ownwell’s Prescott Property Tax Bill Calculator assists homeowners, real estate investors, or potential buyers in estimating their annual property taxes in Prescott with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prescott to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in observing trends at the neighborhood level, additional localized information is available below. 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 Prescott, Michigan
Property taxes in Prescott, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Prescott is 0.89%, slightly below the U.S. national median of 0.99%. Local government entities within Prescott set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prescott 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 Prescott's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48756 zip code has the same median property tax rate of 0.89%. Understanding how these cities compare with Prescott provides valuable insights into the varying tax landscape across Ogemaw County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Prescott Tax Rate
0.89%
Average Ogemaw County Tax Rate
0.91%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prescott, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48756 | 0.60% | 0.76% | 0.89% | 1.00% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Prescott, Michigan
In Prescott, 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 Ogemaw 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 Prescott, 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 Prescott helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $222 in zip code 48756, which is also the lowest median tax bill, reflecting a relatively uniform tax burden across the region.
Average Prescott Assessed Value
$25,000
Average Ogemaw County Assessed Value
$47,400
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Prescott, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48756 | $3,000 | $10,600 | $25,000 | $50,400 | $90,480 |
Source: Ownwell
Property Tax Bills Across Prescott, Michigan
In Prescott, property tax bills are calculated based on the assessed value of a home and the relevant tax rate. The assessed value is typically a percentage of the market value, which in Prescott reflects the median home price of $25,000. Homeowners in this area see a range of tax bills depending on various factors such as property location and specific local levies. For instance, the 25th percentile tax bill is $95, while the 75th percentile reaches $449, and the 90th percentile can go as high as $803. These figures highlight the variability in tax burdens across different properties. Compared to the national median property tax rate of 0.99%, Prescott’s rates can be relatively moderate, making it an attractive location for homeowners looking for lower property tax obligations. However, the highest and lowest median tax bills in the area are both recorded at $222 in the zip code 48756, indicating some consistency within specific zones. This calculation method ensures that tax contributions are proportionate to property values, impacting homeowners by aligning tax responsibilities with property worth.
Average Prescott Tax Bill
$222
Average Ogemaw County Tax Bill
$466
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Prescott, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48756 | $26 | $95 | $222 | $449 | $803 |
Source: Ownwell