Osseo, Michigan Property Taxes
The median property tax rate in Osseo, MI is 0.36%, considerably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Osseo, the typical annual property tax bill reaches $520, significantly less than the national median of $2,690. Property taxes in Osseo 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 Osseo'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 Osseo 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
Osseo, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.36%
Estimate Property Tax Bill
$532
Ownwell’s Osseo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Osseo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Osseo 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 Hillsdale County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Osseo, Michigan
Property taxes in Osseo, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Osseo is 0.36%, significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Osseo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Osseo 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 Osseo's effective property tax rate to other counties in Michigan and the national median. For comparison, the highest median property tax rate in the state can be significantly higher, while the lowest median tax rates can be much lower. Understanding how these cities compare with Osseo 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 Osseo Tax Rate
0.36%
Average Hillsdale County Tax Rate
0.41%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Osseo, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49266 | 0.27% | 0.33% | 0.36% | 0.42% | 0.51% |
Source: Ownwell
Property Tax Assessment Values Across Osseo, Michigan
In Osseo, 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 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. In Osseo, 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 Osseo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills both occur in the 49266 zip code, each at $520 annually, highlighting the importance of understanding your specific tax situation.
Average Osseo Assessed Value
$147,788
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 Osseo, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49266 | $38,487 | $81,032 | $147,788 | $238,820 | $342,591 |
Source: Ownwell
Property Tax Bills Across Osseo, Michigan
In Osseo, located in Hillsdale County, MI, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is typically a percentage of the market value of the property. Homeowners in Osseo can expect a median home price of $147,788, which serves as a basis for the tax assessment. The property tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location within Hillsdale County and any applicable exemptions or deductions. For example, the 25th percentile tax bill in Osseo is $276, while the 75th percentile tax bill is $820, and the 90th percentile tax bill reaches $1,170. These variations can significantly impact homeowners, with higher-valued properties or those without exemptions facing steeper tax bills. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Osseo Tax Bill
$520
Average Hillsdale County Tax Bill
$685
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Osseo, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49266 | $150 | $276 | $520 | $820 | $1,170 |
Source: Ownwell