Vernon, Michigan Property Taxes
The median property tax rate in Vernon, MI is 1.01%, slightly higher than the national median of 0.99% but lower than Michigan's state median of 1.07%. With the median home value in Vernon at $124,400, the typical annual property tax bill reaches $1,340, which is below the national median of $2,690. Property taxes in Vernon are calculated based on the tax assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Vernon'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 Vernon 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
Vernon, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$1,256
Ownwell’s Vernon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vernon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vernon 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 Vernon, Michigan
Property taxes in Vernon, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Vernon is 1.01%, slightly higher than the U.S. national median of 0.99%. Local government entities within Vernon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Vernon 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 Vernon's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48476 zip code has the highest median property tax rate of 1.01%, while the same zip code also has the lowest median tax rate of 1.01%. Understanding how these cities compare with Vernon 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 Vernon Tax Rate
1.01%
Average Shiawassee County Tax Rate
1.23%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Vernon, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48476 | 0.84% | 0.95% | 1.01% | 1.15% | 1.56% |
Source: Ownwell
Property Tax Assessment Values Across Vernon, Michigan
In Vernon, 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 Vernon, 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 Vernon 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 $1,340 in zip code 48476, while the lowest median tax bill is also $1,340 in the same zip code.
Average Vernon Assessed Value
$124,400
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 Vernon, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48476 | $15,280 | $94,000 | $124,400 | $147,550 | $174,460 |
Source: Ownwell
Property Tax Bills Across Vernon, Michigan
In Vernon, located in Shiawassee County, MI, property tax bills are calculated based on the assessed value of a home, which is typically determined as a percentage of the market value. For instance, if the median home price is $124,400, the tax bill reflects a fraction of this value. The tax rate in Vernon is influenced by local government budgets and public service funding needs. Homeowners in Vernon can expect their tax bills to vary, with the 25th percentile at $1,038 and the 75th percentile reaching $1,594. For those at the 90th percentile, the tax bill could be as high as $1,940. These figures indicate how property taxes can impact household finances, with some paying significantly more depending on their property's assessed value. Comparatively, the national median property tax rate is 0.99%, so Vernon's tax rates can be seen as reflective of local economic conditions and funding requirements. Understanding these factors helps homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Vernon Tax Bill
$1,340
Average Shiawassee County Tax Bill
$1,816
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Vernon, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48476 | $585 | $1,038 | $1,340 | $1,594 | $1,940 |
Source: Ownwell