Byron, Michigan Property Taxes
The median property tax rate in Byron, MI is 0.40%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Byron, the typical annual property tax bill reaches $960, well below the national median of $2,690. Property taxes in Byron 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 Byron'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 Byron or another part of Genesee County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Byron, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$984
Ownwell’s Byron Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Byron with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Byron 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 Byron, Michigan
Property taxes in Byron, Michigan, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Byron is 0.40%, significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Byron set these rates annually, and they can vary significantly across different neighborhoods. Each year, Byron 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. Understanding how these cities compare with Byron provides valuable insights into the varying tax landscape across Genesee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Byron Tax Rate
0.40%
Average Genesee County Tax Rate
0.93%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Byron, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48418 | 0.27% | 0.33% | 0.40% | 0.47% | 0.54% |
Source: Ownwell
Property Tax Assessment Values Across Byron, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Byron, 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 Genesee 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 Byron, 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 Byron helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Byron is $246,000, with tax bills ranging from $720 at the 25th percentile to $1,834 at the 90th percentile. The zip code 48418 has both the highest and lowest median tax bill at $960.
Average Byron Assessed Value
$246,000
Average Genesee County Assessed Value
$139,200
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Byron, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48418 | $141,800 | $196,200 | $246,000 | $333,200 | $430,400 |
Source: Ownwell
Property Tax Bills Across Byron, Michigan
In Byron, located in Genesee County, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The assessed value typically reflects 50% of the property's market value. Homeowners in Byron face a median property tax rate that aligns closely with the national median of 0.99%. For a median home price of $246,000, this results in a range of tax bills depending on specific assessments and exemptions. At the 25th percentile, homeowners might see a tax bill around $720, while those in the 75th percentile could pay approximately $1,279. For properties at the 90th percentile, tax bills can reach up to $1,834. These figures highlight the variability in tax bills based on property values and local tax rates. The highest and lowest median tax bills in Byron are both recorded at $960, reflecting a consistent tax rate across different zip codes within the city. This tax system impacts homeowners by influencing their annual financial planning and overall housing affordability.
Average Byron Tax Bill
$960
Average Genesee County Tax Bill
$1,090
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Byron, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48418 | $537 | $720 | $960 | $1,279 | $1,834 |
Source: Ownwell