Merrill, Michigan Property Taxes
The median property tax rate in Merrill, MI is 0.45%, considerably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Merrill at $170,500, the typical annual property tax bill reaches $742, significantly below the national median of $2,690. Property taxes in Merrill 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 Merrill'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 Merrill or another part of Midland County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Merrill, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.45%
Estimate Property Tax Bill
$767
Ownwell’s Merrill Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Merrill with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Merrill 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 Merrill, Michigan
Property taxes in Merrill, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Merrill is 1.54%, higher than both the Michigan state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Merrill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Merrill 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 Merrill's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48637 zip code has both the highest and lowest median property tax rate of 1.54%. Understanding how these cities compare with Merrill provides valuable insights into the varying tax landscape across Midland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Merrill Tax Rate
0.45%
Average Midland County Tax Rate
0.54%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Merrill, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48637 | 0.30% | 0.38% | 0.45% | 0.48% | 0.50% |
Source: Ownwell
Property Tax Assessment Values Across Merrill, Michigan
In Merrill, 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 Midland 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 Merrill, 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 Merrill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill in Merrill is 48637, with a tax bill of $742.
Average Merrill Assessed Value
$170,500
Average Midland County Assessed Value
$158,800
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Merrill, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48637 | $82,400 | $119,300 | $170,500 | $257,650 | $396,220 |
Source: Ownwell
Property Tax Bills Across Merrill, Michigan
In Merrill, located in Midland County, MI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Merrill is $170,500. Tax rates are applied to this assessed value to determine the annual property tax bill. For instance, homeowners in Merrill can expect a tax bill ranging from $481 at the 25th percentile to $1,099 at the 75th percentile, with the 90th percentile reaching up to $1,624. Several factors influence these tax bills, including changes in property values, local tax rates, and any applicable exemptions or deductions. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local variations. High property taxes can significantly impact homeowners, affecting affordability and long-term financial planning. In Merrill, the highest and lowest median tax bills are both recorded at $742.00 in the 48637 zip code, indicating some uniformity in property tax assessments within the area.
Average Merrill Tax Bill
$742
Average Midland County Tax Bill
$1,273
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Merrill, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48637 | $351 | $481 | $742 | $1,099 | $1,624 |
Source: Ownwell