Memphis, Michigan Property Taxes
The median property tax rate in Memphis, MI is 1.28%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Memphis at $150,200, the typical annual property tax bill reaches $2,029, which is below the national median of $2,690. Property taxes in Memphis 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 Memphis'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 Memphis 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
Memphis, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.28%
Estimate Property Tax Bill
$1,923
Ownwell’s Memphis Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Memphis using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Memphis to provide an estimated property tax bill. This valuable tool helps you grasp potential tax liabilities and make informed financial decisions. For more granular insights, explore trends at the neighborhood level by scrolling down for localized information. Your property’s assessed value, determined by the county, is used for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Memphis, Michigan
Property taxes in Memphis, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Memphis is 1.28%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Memphis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Memphis 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 Memphis's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48041 zip code has both the highest and lowest median property tax rate of 1.28%. Understanding how these cities compare with Memphis provides valuable insights into the varying tax landscape across Macomb County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Memphis Tax Rate
1.28%
Average Macomb County Tax Rate
1.19%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Memphis, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48041 | 1.05% | 1.18% | 1.28% | 1.70% | 1.85% |
Source: Ownwell
Property Tax Assessment Values Across Memphis, Michigan
In Memphis, 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 local 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 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. In Memphis, the median home price is $150,200, with tax bills ranging from $1,543 at the 25th percentile to $3,606 at the 90th percentile. The highest and lowest median tax bill is $2,029, found in the 48041 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Memphis Assessed Value
$150,200
Average Macomb County Assessed Value
$209,990
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Memphis, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48041 | $37,040 | $115,200 | $150,200 | $200,400 | $252,400 |
Source: Ownwell
Property Tax Bills Across Memphis, Michigan
In Memphis, Macomb County, MI, property tax bills are calculated based on the assessed value of the home, which is determined by the local assessor. This assessed value typically represents 50% of the property's market value. For instance, with a median home price of $150,200, the assessed value would be approximately $75,100. The local tax rate is then applied to this assessed value to determine the annual property tax bill. Various factors influence the final tax bill, including the property's location, the local tax rate, and any applicable exemptions. In Macomb County, the tax bill can vary significantly. At the 25th percentile, homeowners might pay around $1,543, whereas those at the 75th percentile could see bills as high as $2,712. At the 90th percentile, the tax bill can reach up to $3,606. Comparatively, the national median property tax rate is 0.99%, highlighting how local rates and home values impact what homeowners ultimately pay. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Memphis Tax Bill
$2,029
Average Macomb County Tax Bill
$2,603
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Memphis, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48041 | $618 | $1,543 | $2,029 | $2,712 | $3,606 |
Source: Ownwell