Wells, Michigan Property Taxes
The median property tax rate in Wells, MI is 0.49%, considerably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Wells, the typical annual property tax bill reaches $452, significantly below the national median of $2,690. Property taxes in Wells 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 Wells'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 Wells 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
Wells, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.49%
Estimate Property Tax Bill
$462
Ownwell’s Wells Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wells with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wells 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 Wells, Michigan
Property taxes in Wells, Michigan, are essential for funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Wells is 0.49%, which is lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Wells set these rates annually, and they can vary across different neighborhoods. Each year, Wells 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 Wells' effective property tax rate to other counties in Michigan and the national median. For comparison, the zip code 49894 has both the highest and lowest median property tax rate of 0.49%. Understanding how these areas compare with Wells provides valuable insights into the varying tax landscape across Delta County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Wells Tax Rate
0.49%
Average Delta County Tax Rate
0.51%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wells, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49894 | 0.38% | 0.44% | 0.49% | 0.51% | 0.53% |
Source: Ownwell
Property Tax Assessment Values Across Wells, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wells, 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 Delta 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 Wells, 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 Wells helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Wells both stand at $452.00 in the zip code 49894.
Average Wells Assessed Value
$94,200
Average Delta County Assessed Value
$107,400
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Wells, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49894 | $50,600 | $68,800 | $94,200 | $133,400 | $167,480 |
Source: Ownwell
Property Tax Bills Across Wells, Michigan
In Wells, Delta 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 median home price in Wells is $94,200. Homeowners can expect their property tax bills to vary significantly, with the 25th percentile at $312 and the 75th percentile at $662. The 90th percentile tax bill reaches up to $822. These figures indicate that while some homeowners may pay relatively low property taxes, others could face higher bills depending on their property's assessed value and applicable tax rates. The highest and lowest median tax bills in the area are both $452, specifically in the 49894 zip code. This uniformity suggests a stable tax environment within that specific area. Compared to the national median property tax rate of 0.99%, Wells' property taxes can be considered moderate, influencing homeowners' overall cost of living. Understanding these factors helps residents anticipate their financial responsibilities and make informed decisions about homeownership in Wells.
Average Wells Tax Bill
$452
Average Delta County Tax Bill
$702
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Wells, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49894 | $209 | $312 | $452 | $662 | $822 |
Source: Ownwell