Gaylord, Michigan Property Taxes
The median property tax rate in Gaylord, MI is 0.86%, which is lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Gaylord at $175,000, the typical annual property tax bill amounts to $1,542, falling below the national median of $2,690. Property taxes in Gaylord are calculated based on the tax assessed value, which is often less than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Gaylord'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 Gaylord 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
Gaylord, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$1,505
Ownwell’s GAYLORD Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in GAYLORD with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in GAYLORD 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 Gaylord, Michigan
Property taxes in Gaylord, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gaylord is 0.86%, slightly lower than the U.S. national median of 0.99%. Local government entities within Gaylord set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gaylord 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 Gaylord's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49735 zip code has both the highest and lowest median property tax rate of 0.86%. Understanding how these cities compare with Gaylord provides valuable insights into the varying tax landscape across Otsego County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gaylord Tax Rate
0.86%
Average Otsego County Tax Rate
0.90%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gaylord, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49735 | 0.52% | 0.66% | 0.86% | 1.34% | 1.70% |
Source: Ownwell
Property Tax Assessment Values Across Gaylord, Michigan
In Gaylord, 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 Otsego 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 Gaylord, 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 Gaylord helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,542, notably higher than the national median property tax rate of 0.99%.
Average Gaylord Assessed Value
$175,000
Average Otsego County Assessed Value
$166,800
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gaylord, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49735 | $51,800 | $115,200 | $175,000 | $255,000 | $367,600 |
Source: Ownwell
Property Tax Bills Across Gaylord, Michigan
In Gaylord, Otsego County, MI, property tax bills are calculated based on the assessed value of a home, which is typically 50% of its market value. For instance, with a median home price of $175,000, the assessed value would be approximately $87,500. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property size, location, and any applicable exemptions or deductions play a role in the final amount. Homeowners in Gaylord can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $953, while those in the 75th percentile might pay approximately $2,377. At the higher end, the 90th percentile tax bill can reach up to $3,550. Compared to the national median property tax rate of 0.99%, Gaylord's property taxes can be both a manageable and significant expense, depending on the property's assessed value and the specific circumstances of the homeowner.
Average Gaylord Tax Bill
$1,542
Average Otsego County Tax Bill
$1,490
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Gaylord, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49735 | $499 | $953 | $1,542 | $2,377 | $3,550 |
Source: Ownwell