Hillsdale, Michigan Property Taxes
The median property tax rate in Hillsdale, MI is 0.46%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Hillsdale at $127,548, the typical annual property tax bill is $877, which is well below the national median of $2,690. Property taxes in Hillsdale 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 Hillsdale'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 Hillsdale 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
Hillsdale, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.46%
Estimate Property Tax Bill
$587
Ownwell’s Hillsdale Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Hillsdale with just two simple data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Hillsdale to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more granular trends, you can scroll down to find localized information at the neighborhood level. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Hillsdale, Michigan
Property taxes in Hillsdale, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hillsdale is 0.46%, which is lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Hillsdale set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hillsdale 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 Hillsdale's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49242 zip code has the highest median property tax rate of 0.46%, while the 49242 zip code also has the lowest median tax rate of 0.46%. Understanding how these cities compare with Hillsdale provides valuable insights into the varying tax landscape across Hillsdale County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hillsdale Tax Rate
0.46%
Average Hillsdale County Tax Rate
0.41%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hillsdale, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49242 | 0.31% | 0.37% | 0.46% | 1.18% | 1.68% |
Source: Ownwell
Property Tax Assessment Values Across Hillsdale, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hillsdale, 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 Hillsdale 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. Assessment notices in Hillsdale 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. The median home price in Hillsdale is $127,548, with tax bills ranging from $452 at the 25th percentile to $2,175 at the 90th percentile. Interestingly, the zip code 49242 has both the highest and lowest median tax bills at $877. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Hillsdale Assessed Value
$127,548
Average Hillsdale County Assessed Value
$141,139
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hillsdale, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49242 | $46,174 | $81,726 | $127,548 | $212,132 | $320,542 |
Source: Ownwell
Property Tax Bills Across Hillsdale, Michigan
In Hillsdale, MI, property tax bills are calculated based on the assessed value of a home, which typically reflects around 50% of its market value. For a median home price of $127,548, the assessed value would be approximately $63,774. The local tax rate is then applied to this assessed value to determine the tax bill. Several factors influence the final tax bill, including local government budgets, school funding needs, and public services. For instance, the 25th percentile of tax bills in Hillsdale is $452, while the 75th percentile reaches $1,440, and the 90th percentile can be as high as $2,175. These variations reflect differences in property values and specific neighborhood assessments. Homeowners in Hillsdale may find their property tax bills significantly impact their annual budget. With the national median property tax rate at 0.99%, comparing local rates can help residents understand their tax obligations better. The highest and lowest median tax bills in the area are both $877, indicating some consistency in taxation within certain zip codes.
Average Hillsdale Tax Bill
$877
Average Hillsdale County Tax Bill
$685
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Hillsdale, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49242 | $215 | $452 | $877 | $1,440 | $2,175 |
Source: Ownwell