Big Rapids, Michigan Property Taxes
The median property tax rate in Big Rapids, MI is 0.62%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $161,700 in Big Rapids, the typical annual property tax bill amounts to $1,066, which is well below the national median of $2,690. Property taxes in Big Rapids are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Big Rapids' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Big Rapids or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Big Rapids, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$1,003
Ownwell’s BIG RAPIDS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in BIG RAPIDS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in BIG RAPIDS 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 Big Rapids, Michigan
Property taxes in Big Rapids, Michigan, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Big Rapids is 0.62%, lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Big Rapids set these rates annually, and they can vary significantly across different neighborhoods. Each year, Big Rapids 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 Big Rapids' effective property tax rate to other counties in Michigan and the national median. For comparison, the 49307 zip code has the highest median property tax rate of 0.62%, while the same zip code also has the lowest median tax rate of 0.62%. Understanding how these cities compare with Big Rapids provides valuable insights into the varying tax landscape across Newaygo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Big Rapids Tax Rate
0.62%
Average Newaygo County Tax Rate
0.43%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Big Rapids, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49307 | 0.46% | 0.55% | 0.62% | 0.77% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Big Rapids, Michigan
In Big Rapids, 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. In Big Rapids, 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. The median home price in Big Rapids is $161,700, with tax bills ranging from $700 at the 25th percentile to $2,172 at the 90th percentile. The highest and lowest median tax bills, both $1,066, are found in the 49307 zip code. Being aware of these valuation processes in Big Rapids helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Big Rapids Assessed Value
$161,700
Average Newaygo County Assessed Value
$143,600
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Big Rapids, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49307 | $60,000 | $102,500 | $161,700 | $238,400 | $319,400 |
Source: Ownwell
Property Tax Bills Across Big Rapids, Michigan
In Big Rapids, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. Homeowners in Newaygo County can expect their property tax rates to be influenced by local government budgets and school district funding needs. The median home price in Big Rapids is $161,700, and property tax rates here are relatively moderate compared to the national median property tax rate of 0.99%. For a property with a median home price, the tax bill can range significantly. At the 25th percentile, homeowners might see a tax bill around $700, while those in the 75th percentile could pay about $1,524. The 90th percentile tax bill can reach up to $2,172. The highest and lowest median tax bills in the area are both $1,066, indicating a consistent tax rate within the zip code 49307. These variations highlight the importance of understanding how assessed values and local tax rates impact individual tax obligations.
Average Big Rapids Tax Bill
$1,066
Average Newaygo County Tax Bill
$667
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Big Rapids, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49307 | $427 | $700 | $1,066 | $1,524 | $2,172 |
Source: Ownwell