Morrice, Michigan Property Taxes
The median property tax rate in Morrice, MI is 0.96%, slightly below the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $178,400 in Morrice, the typical annual property tax bill amounts to $1,687, which is lower than the national median of $2,690. Property taxes in Morrice are calculated based on the tax assessed value, which is generally less than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Morrice'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 Morrice 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
Morrice, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.96%
Estimate Property Tax Bill
$1,713
Ownwell’s Morrice Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morrice with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morrice 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 Morrice, Michigan
Property taxes in Morrice, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morrice is 1.31%, higher than both the Michigan state median of 1.31% and the U.S. national median of 0.99%. Local government entities within Morrice set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morrice 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 Morrice's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48857 zip code has the highest median property tax rate of 1.31%, while the 48857 zip code has the lowest median tax rate of 1.31%. Understanding how these cities compare with Morrice provides valuable insights into the varying tax landscape across Shiawassee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morrice Tax Rate
0.96%
Average Shiawassee County Tax Rate
1.23%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morrice, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48857 | 0.77% | 0.84% | 0.96% | 1.12% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Morrice, Michigan
In Morrice, 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 Shiawassee 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 Morrice, 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. The median home price in Morrice is $178,400, with the 25th percentile tax bill at $1,210 and the 75th percentile tax bill at $2,242. Notably, the highest and lowest median tax bills are both $1,687 in zip code 48857. Being aware of these valuation processes in Morrice helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Morrice Assessed Value
$178,400
Average Shiawassee County Assessed Value
$142,800
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morrice, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48857 | $90,460 | $128,150 | $178,400 | $229,250 | $285,480 |
Source: Ownwell
Property Tax Bills Across Morrice, Michigan
In Morrice, located in Shiawassee 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 assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with the median home price in Morrice at $178,400, homeowners can expect a range of tax bills depending on their specific property assessments and applicable exemptions. Homeowners in Morrice see tax bills that vary significantly, with the 25th percentile at $1,210 and the 75th percentile reaching up to $2,242. At the 90th percentile, tax bills can be as high as $2,886. These figures illustrate how property taxes can impact homeowners differently based on their property’s assessed value and the local tax rate. Comparatively, the national median property tax rate is 0.99%, making it essential for Morrice homeowners to understand their specific tax obligations and how they are calculated to effectively manage their finances.
Average Morrice Tax Bill
$1,687
Average Shiawassee County Tax Bill
$1,816
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Morrice, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48857 | $853 | $1,210 | $1,687 | $2,242 | $2,886 |
Source: Ownwell