Bridgeport, Michigan Property Taxes
The median property tax rate in Bridgeport, MI is 0.40%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Bridgeport at $127,500, the typical annual property tax bill amounts to $538, well below the national median of $2,690. Property taxes in Bridgeport are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bridgeport'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 Bridgeport 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
Bridgeport, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$510
Ownwell’s Bridgeport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bridgeport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bridgeport 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 Bridgeport, Michigan
Property taxes in Bridgeport, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bridgeport is 0.40%, which is lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Bridgeport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bridgeport 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 Bridgeport's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48722 zip code has both the highest and lowest median property tax rate of 0.40%. Understanding how these cities compare with Bridgeport provides valuable insights into the varying tax landscape across Saginaw County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bridgeport Tax Rate
0.40%
Average Saginaw County Tax Rate
0.78%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bridgeport, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48722 | 0.32% | 0.37% | 0.40% | 0.47% | 0.53% |
Source: Ownwell
Property Tax Assessment Values Across Bridgeport, Michigan
In Bridgeport, 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 Saginaw 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. 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 Bridgeport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $538 in the 48722 zip code, which is also the lowest median tax bill.
Average Bridgeport Assessed Value
$127,500
Average Saginaw County Assessed Value
$119,800
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bridgeport, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48722 | $73,660 | $98,350 | $127,500 | $171,600 | $246,200 |
Source: Ownwell
Property Tax Bills Across Bridgeport, Michigan
Property tax bills in Bridgeport, Saginaw County, MI, are calculated based on the assessed value of a property, which is determined by local assessors. The assessed value is often a percentage of the market value, reflecting what the property would sell for under normal conditions. Several factors influence this assessed value, including property size, location, and condition. Once the assessed value is established, local tax rates, known as millage rates, are applied to calculate the annual property tax bill. For example, with a median home price of $127,500 in Bridgeport, homeowners can expect varying tax bills. The 25th percentile tax bill is around $399, while the 75th percentile tax bill reaches approximately $713. At the higher end, the 90th percentile tax bill can go up to $982. In comparison to the national median property tax rate of 0.99%, Bridgeport's rates offer a glimpse into the local tax landscape. These property tax bills significantly impact homeowners by influencing their annual housing costs and financial planning.
Average Bridgeport Tax Bill
$538
Average Saginaw County Tax Bill
$894
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Bridgeport, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48722 | $282 | $399 | $538 | $713 | $982 |
Source: Ownwell