Owosso, Michigan Property Taxes
The median property tax rate in Owosso, MI is 0.38%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Owosso, the typical annual property tax bill is $640, well below the national median of $2,690. Property taxes in Owosso are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Owosso'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 Owosso 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
Owosso, 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 Owosso Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Owosso with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Owosso 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 Owosso, Michigan
Property taxes in Owosso, Michigan, play a crucial role in supporting essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Owosso is 1.57%, significantly higher than both the Michigan state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Owosso set these rates annually, and they can vary significantly across different neighborhoods. Each year, Owosso 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 Owosso's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48867 zip code has the highest median property tax rate of 1.57%, while the 48867 zip code has the lowest median tax rate of 1.57%. Understanding how these cities compare with Owosso provides valuable insights into the varying tax landscape across Shiawassee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Owosso Tax Rate
0.38%
Average Saginaw County Tax Rate
0.78%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Owosso, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48867 | 0.24% | 0.31% | 0.38% | 0.44% | 0.51% |
Source: Ownwell
Property Tax Assessment Values Across Owosso, Michigan
In Owosso, 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. In Owosso, 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 Owosso 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 48867 zip code are both $640, highlighting the uniformity in property tax assessments in this area.
Average Owosso Assessed Value
$258,500
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 Owosso, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48867 | $100,180 | $126,550 | $258,500 | $432,050 | $533,300 |
Source: Ownwell
Property Tax Bills Across Owosso, Michigan
In Owosso, located in Saginaw County, MI, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value typically represents 50% of the property's market value. For instance, with a median home price of $258,500, the assessed value would be around $129,250. The local tax rate is then applied to this assessed value to determine the tax bill. In Owosso, the median property tax bill is $640, which is significantly lower than the national median property tax rate of 0.99%. Tax bills can vary widely, with the 25th percentile at $543 and the 75th percentile reaching $1,057. The 90th percentile tax bill can go up to $1,686. These variations depend on factors such as property location, improvements, and exemptions. Lower tax bills can make homeownership more affordable, while higher bills might impact overall housing costs. Understanding these factors helps homeowners anticipate and manage their property tax obligations effectively.
Average Owosso Tax Bill
$640
Average Saginaw County Tax Bill
$894
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Owosso, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48867 | $489 | $543 | $640 | $1,057 | $1,686 |
Source: Ownwell