Foster City, Michigan Property Taxes
The median property tax rate in Foster City, MI is 0.75%, notably lower than both the national median of 0.99% and Michigan's state median of 1.07%. With a median home value of $87,200 in Foster City, the typical annual property tax bill is approximately $662, which is significantly less than the national median of $2,690. Property taxes in Foster City are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Foster City'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 Foster City 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
Foster City, 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 Foster City Property Tax Bill Calculator assists homeowners, real estate investors, and prospective buyers in estimating their annual property taxes in Foster City with just two data points. By inputting your property's estimated assessed value, the calculator uses the median tax rate in Foster City to provide an estimate of your property tax bill. This valuable tool helps you grasp potential tax liabilities. For those keen on exploring trends at a neighborhood level, additional localized information is available below. Your property’s assessed value is the figure assigned by the county for tax purposes, factoring in any applicable exemptions.
Property Tax Rates Across Foster City, Michigan
Property taxes in Foster City, Michigan, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Foster City is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities in Foster City set these rates annually, and they can vary across different neighborhoods. Each year, Foster City 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 Foster City's effective property tax rate to other counties in Michigan and the national median. For comparison, the zip code 49834 has the highest median property tax rate of 0.75%, while the same zip code also has the lowest median tax rate of 0.75%. Understanding how these cities compare with Foster City provides valuable insights into the varying tax landscape across Dickinson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Foster City Tax Rate
0.75%
Average Dickinson County Tax Rate
1.46%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Foster City, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49834 | 0.42% | 0.59% | 0.75% | 1.21% | 1.50% |
Source: Ownwell
Property Tax Assessment Values Across Foster City, Michigan
In Foster City, 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 Dickinson 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 Foster City, 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 Foster City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 49834, while the lowest is also 49834, both with a median tax bill of $662.
Average Foster City Assessed Value
$87,200
Average Dickinson County Assessed Value
$85,400
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Foster City, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49834 | $37,700 | $57,950 | $87,200 | $122,700 | $166,400 |
Source: Ownwell
Property Tax Bills Across Foster City, Michigan
In Foster City, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is typically a percentage of the property's market value. Homeowners in Foster City, located in Dickinson County, MI, can expect their tax bills to vary widely depending on their property's assessed value. Several factors influence the tax bill, including property location, home size, and any applicable exemptions. For example, the median home price in Foster City is $87,200. Tax bills in the 25th percentile are around $425, while those in the 75th percentile reach approximately $1,012. The 90th percentile tax bill is about $1,569. These taxes fund essential community services such as schools, public safety, and infrastructure. Comparatively, the national median property tax rate is 0.99%, making Foster City's property tax rates a significant consideration for homeowners. Understanding these factors can help residents manage their financial planning effectively.
Average Foster City Tax Bill
$662
Average Dickinson County Tax Bill
$1,193
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Foster City, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49834 | $308 | $425 | $662 | $1,012 | $1,569 |
Source: Ownwell