Merrill, Michigan Property Taxes
The median property tax rate in Merrill, MI is 0.44%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $141,700 in Merrill, the typical annual property tax bill is $672, which is much less than the national median of $2,690. Property taxes in Merrill 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 Merrill'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 Merrill 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
Merrill, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.44%
Estimate Property Tax Bill
$623
Ownwell’s Merrill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Merrill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Merrill 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 Merrill, Michigan
Property taxes in Merrill, Michigan, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Merrill is 1.44%, significantly higher than both the Michigan state median of 1.62% and the U.S. national median of 0.99%. Local government entities within Merrill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Merrill 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 Merrill's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48637 zip code has both the highest and lowest median property tax rate of 1.44%. Understanding how these areas compare with Merrill provides valuable insights into the varying tax landscape across Saginaw County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Merrill Tax Rate
0.44%
Average Saginaw County Tax Rate
0.78%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Merrill, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48637 | 0.20% | 0.29% | 0.44% | 0.55% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Merrill, Michigan
In Merrill, 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 Saginaw 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. Assessment notices in Merrill 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 Merrill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 48637 has both the highest and lowest median tax bill at $672.
Average Merrill Assessed Value
$141,700
Average Saginaw County Assessed Value
$119,800
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Merrill, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48637 | $64,600 | $96,350 | $141,700 | $214,900 | $374,100 |
Source: Ownwell
Property Tax Bills Across Merrill, Michigan
In Merrill, located in Saginaw County, MI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $141,700, the property taxes can vary significantly. Homeowners in the 25th percentile pay around $449 annually, while those in the 75th percentile see bills closer to $918. The top 10% of tax bills can reach up to $1,281. Several factors influence the tax bill, including changes in the property's market value, local government budgets, and voter-approved measures for public services. These taxes are essential for funding schools, infrastructure, and other community services. Compared to the national median property tax rate of 0.99%, Merrill's tax rates reflect the local economic conditions and community needs. Homeowners must stay informed about these factors to manage their property tax obligations effectively.
Average Merrill Tax Bill
$672
Average Saginaw County Tax Bill
$894
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Merrill, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48637 | $284 | $449 | $672 | $918 | $1,281 |
Source: Ownwell