Colon, Michigan Property Taxes
The median property tax rate in Colon, MI is 0.39%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $91,400 in Colon, the typical annual property tax bill amounts to $359, well below the national median of $2,690. Property taxes in Colon are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Colon'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 Colon 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
Colon, Michigan Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$2,140
Ownwell’s Colon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Colon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Colon 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 Colon, Michigan
Property taxes in Colon, Michigan, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Colon is 0.39%, lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Colon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Colon 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 Colon's effective property tax rate to other counties in Michigan and the national median. For comparison, the highest median property tax rate in Michigan is found in some zip codes, while other areas have the lowest median tax rates. Understanding how these cities compare with Colon provides valuable insights into the varying tax landscape across Branch County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Colon Tax Rate
0.39%
Average Branch County Tax Rate
0.40%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Colon, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49040 | 0.27% | 0.33% | 0.39% | 0.47% | 0.51% |
Source: Ownwell
Property Tax Assessment Values Across Colon, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Colon, Michigan. 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 Branch County Assessor 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 Colon, 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 Colon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Colon are both $359, found in the zip code 49040.
Average Colon Assessed Value
$91,400
Average Branch County Assessed Value
$130,544
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Colon, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49040 | $21,600 | $41,350 | $91,400 | $151,000 | $214,860 |
Source: Ownwell
Property Tax Bills Across Colon, Michigan
In Colon, located in Branch County, MI, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value typically represents a percentage of the property's market value. For instance, with a median home price of $91,400, the tax bill can vary significantly. Several factors influence the final tax bill, including the home's location, property size, and any applicable exemptions. In Colon, the tax bill at the 25th percentile is $163, while at the 75th percentile, it rises to $552. At the 90th percentile, homeowners might see tax bills as high as $831. Compared to the national median property tax rate of 0.99%, Colon's property taxes can be relatively modest. However, these taxes still represent a crucial financial consideration for homeowners, impacting their overall housing costs and potentially influencing decisions about property ownership and investment.
Average Colon Tax Bill
$359
Average Branch County Tax Bill
$638
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Colon, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49040 | $88 | $163 | $359 | $552 | $831 |
Source: Ownwell