Freeport, Michigan Property Taxes
The median property tax rate in Freeport, MI is 0.92%, which is lower than both the national median of 0.99% and Michigan's state median of 1.07%. With a median home value of $271,000 in Freeport, the typical annual property tax bill reaches $2,396, falling below the national median of $2,690. Property taxes in Freeport are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Freeport'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 Freeport 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
Freeport, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$2,493
Ownwell’s Freeport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Freeport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Freeport 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 Freeport, Michigan
Property taxes in Freeport, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Freeport is 0.92%, slightly lower than the U.S. national median of 0.99%. Local government entities within Freeport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Freeport 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 Freeport's effective property tax rate to other areas in Kent County and the national median. For comparison, the 49325 zip code has the highest median property tax rate of 0.92%, while the same zip code also has the lowest median tax rate of 0.92%. Understanding how these areas compare with Freeport provides valuable insights into the varying tax landscape across Kent County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Freeport Tax Rate
0.92%
Average Kent County Tax Rate
0.89%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Freeport, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49325 | 0.68% | 0.74% | 0.92% | 1.04% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Freeport, Michigan
In Freeport, 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 Kent 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 Freeport, 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. The median home price in Freeport is $271,000, with tax bills varying widely. For instance, the 25th percentile tax bill is $1,673, while the 75th percentile tax bill is $3,197, and the 90th percentile tax bill reaches $4,483. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. This awareness helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Freeport Assessed Value
$271,000
Average Kent County Assessed Value
$248,400
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Freeport, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49325 | $136,140 | $185,350 | $271,000 | $367,950 | $474,640 |
Source: Ownwell
Property Tax Bills Across Freeport, Michigan
In Freeport, MI, 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. For homeowners in Freeport, the median home price stands at $271,000. Property tax rates in the area can vary, but the tax bill for the 25th percentile is around $1,673, while those in the 75th percentile pay approximately $3,197. At the higher end, the 90th percentile tax bill reaches $4,483. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. These taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Homeowners in Freeport should be aware that their property tax bills may differ significantly based on these various factors. Compared to the national median property tax rate of 0.99%, Freeport's rates reflect the specific economic and market conditions of Kent County.
Average Freeport Tax Bill
$2,396
Average Kent County Tax Bill
$2,321
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Freeport, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49325 | $1,237 | $1,673 | $2,396 | $3,197 | $4,483 |
Source: Ownwell