Holly, Michigan Property Taxes
The median property tax rate in Holly, MI is 1.06%, slightly higher than the national median of 0.99% but just below the Michigan state median of 1.07%. With a median home value of $211,300 in Holly, the typical annual property tax bill amounts to $2,196, which is lower than the national median of $2,690. Property taxes in Holly are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Holly'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 Holly 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
Holly, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$2,240
Ownwell’s Holly Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Holly with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Holly 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 Holly, Michigan
Property taxes in Holly, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Holly is 1.06%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Holly set these rates annually, and they can vary significantly across different neighborhoods. Each year, Holly 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 Holly's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48442 zip code has both the highest and lowest median property tax rate of 1.06%. Understanding how these cities compare with Holly 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 Holly Tax Rate
1.06%
Average Genesee County Tax Rate
0.93%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Holly, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48442 | 0.76% | 0.81% | 1.06% | 1.18% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Holly, Michigan
Understanding the difference between "market value" and "assessed value" is essential for comprehending property taxes in Holly, MI. 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 Holly, 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 Holly helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 48442 has the highest and lowest median tax bill at $2196, offering a clear perspective on property tax expectations in the area.
Average Holly Assessed Value
$211,300
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 Holly, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48442 | $188,600 | $195,250 | $211,300 | $225,700 | $259,620 |
Source: Ownwell
Property Tax Bills Across Holly, Michigan
In Holly, property tax bills are calculated based on the assessed value of a home, which is typically 50% of its market value. For instance, with a median home price of $211,300, the assessed value would be around $105,650. The local tax rate is then applied to this assessed value to determine the annual property tax bill. The median property tax rate in Holly is 0.99%, aligning with the national median. Several factors influence the final tax bill, including the home's location within Genesee County and any applicable exemptions or deductions. For example, the 25th percentile of tax bills in Holly is $1,657, while the 75th percentile reaches $2,593, and the 90th percentile can go up to $3,024. These variations reflect differences in property values and potential exemptions. High property taxes can significantly impact homeowners, affecting their monthly mortgage payments and overall affordability. Therefore, understanding how property tax bills are calculated and what factors are considered is crucial for homeowners in Holly.
Average Holly Tax Bill
$2,196
Average Genesee County Tax Bill
$1,090
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Holly, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48442 | $1,497 | $1,657 | $2,196 | $2,593 | $3,024 |
Source: Ownwell