Grayling, Michigan Property Taxes
The median property tax rate in Grayling, MI is 1.18%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Grayling at $77,300, the typical annual property tax bill reaches $630, which is below the national median of $2,690. Property taxes in Grayling 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 Grayling'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 Grayling 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
Grayling, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$912
Ownwell’s Grayling Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grayling with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grayling 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 Grayling, Michigan
Property taxes in Grayling, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grayling is 1.18%, which is higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Grayling set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grayling 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 Grayling's effective property tax rate to other counties in Michigan and the national median. For comparison, the zip code 49738 has both the highest and lowest median property tax rates at 1.15%. Understanding how these cities compare with Grayling provides valuable insights into the varying tax landscape across Otsego County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grayling Tax Rate
1.18%
Average Otsego County Tax Rate
0.90%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grayling, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49738 | 0.61% | 0.66% | 1.15% | 1.24% | 1.55% |
Source: Ownwell
Property Tax Assessment Values Across Grayling, Michigan
In Grayling, 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 Otsego 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 Grayling, 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 Grayling helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Grayling, both at $578, are found in the 49738 zip code.
Average Grayling Assessed Value
$77,300
Average Otsego County Assessed Value
$166,800
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grayling, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49738 | $24,320 | $55,800 | $76,200 | $94,400 | $135,200 |
Source: Ownwell
Property Tax Bills Across Grayling, Michigan
In Grayling, MI, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is typically a percentage of the market value. Homeowners in Grayling experience a range of property tax bills, with the 25th percentile at $466 and the 75th percentile at $849, reflecting the diversity in property values within the area. The highest median tax bill in the region is $578, which aligns with the local zip code 49738. Several factors influence the tax bill, including property size, location, and any applicable exemptions. These elements contribute to the overall assessed value, which is then multiplied by the local tax rate to determine the final bill. Compared to the national median property tax rate of 0.99%, Grayling's tax bills provide a snapshot of how local policies and property values affect homeowners. Understanding these factors helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Grayling Tax Bill
$630
Average Otsego County Tax Bill
$1,490
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Grayling, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49738 | $357 | $465 | $578 | $845 | $1,125 |
Source: Ownwell