Prescott, Michigan Property Taxes
The median property tax rate in Prescott, MI is 1.42%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Prescott, the typical annual property tax bill reaches $1,129, exceeding the national median of $2,690. Property taxes in Prescott 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 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
1.42%
Estimate Property Tax Bill
$1,287
Ownwell’s Prescott Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate 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 provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in seeing trends on a neighborhood level, additional localized information is available. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Prescott, Michigan
Property taxes in Prescott, Michigan, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Prescott is 1.42%, which is higher than 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 highest median property tax rate of 1.42%, while the 48756 zip code also has the lowest median tax rate of 1.42%. Understanding how these cities compare with Prescott provides valuable insights into the varying tax landscape across Arenac County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Prescott Tax Rate
1.42%
Average Arenac County Tax Rate
1.29%
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 | 0.80% | 0.91% | 1.42% | 1.90% | 1.96% |
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 local 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. Notably, the zip code 48756 has both the highest and lowest median tax bill of $1,129.
Average Prescott Assessed Value
$90,600
Average Arenac County Assessed Value
$100,000
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 | $60,400 | $61,600 | $90,600 | $108,800 | $131,600 |
Source: Ownwell
Property Tax Bills Across Prescott, Michigan
In Prescott, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is typically a percentage of the market value of the property. For example, if the median home price in Prescott is $90,600, the assessed value will be a fraction of this amount. Once the assessed value is determined, the local tax rate is applied to calculate the property tax bill. Several factors influence the final tax bill, including the property's location within Arenac County, any applicable exemptions, and the specific tax rate set by local authorities. Homeowners in Prescott can expect their tax bills to vary, with the 25th percentile at $1,060 and the 75th percentile reaching up to $1,320. The highest median tax bill in the area is recorded at $1,129 in the 48756 zip code. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for Prescott residents.
Average Prescott Tax Bill
$1,129
Average Arenac County Tax Bill
$1,273
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 | $1,057 | $1,060 | $1,129 | $1,320 | $1,543 |
Source: Ownwell