Bay City, Michigan Property Taxes
The median property tax rate in Bay City, MI is 0.79%, which is notably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Bay City at $153,800, the typical annual property tax bill amounts to $1,301, significantly below the national median of $2,690. Property taxes in Bay City are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Bay City's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Bay City or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bay City, Michigan Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$2,140
Ownwell’s Bay City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bay City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bay City 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 Bay City, Michigan
Property taxes in Bay City, Michigan, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bay City is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Bay City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bay City 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 Bay City's effective property tax rate to other counties in Michigan and the national median. For comparison, the zip code 48706 has both the highest and lowest median property tax rate of 0.79%. Understanding how these cities compare with Bay City provides valuable insights into the varying tax landscape across Roscommon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bay City Tax Rate
0.79%
Average Roscommon County Tax Rate
0.50%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bay City, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48706 | 0.72% | 0.75% | 0.79% | 0.84% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Bay City, Michigan
In Bay City, 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 Bay City, 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. For instance, the median home price in Bay City is $153,800, with the 25th percentile tax bill at $881 and the 75th percentile tax bill at $1,720. Notably, the zip code 48706 has the highest and lowest median tax bill at $1,301. 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 Bay City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bay City Assessed Value
$153,800
Average Roscommon County Assessed Value
$114,800
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bay City, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48706 | $83,560 | $109,900 | $153,800 | $197,700 | $224,040 |
Source: Ownwell
Property Tax Bills Across Bay City, Michigan
In Bay City, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This value is typically a percentage of the market value of the property. For instance, the median home price in Bay City is $153,800. The tax rate in Bay City is influenced by various local factors, and homeowners can expect their tax bills to vary widely. For example, the 25th percentile tax bill is $881, while the 75th percentile tax bill is $1,720, and the 90th percentile tax bill reaches $1,972. These tax bills are crucial for funding local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Bay City's rates can be seen as relatively moderate, providing essential services without overly burdening homeowners. The highest median tax bill in Bay City is $1,301, found in the 48706 zip code, which reflects the local variations within the city itself. Understanding these factors helps homeowners anticipate their financial obligations and the value they receive from their property taxes.
Average Bay City Tax Bill
$1,301
Average Roscommon County Tax Bill
$649
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Bay City, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48706 | $629 | $881 | $1,301 | $1,720 | $1,972 |
Source: Ownwell