Smith, Michigan Property Taxes
The median property tax rate in Smith, MI is 0.44%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Smith at $41,000, the typical annual property tax bill is $181, far below the national median of $2,690. Property taxes in Smith are based on the tax assessed value, which often falls below market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Smith'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 Smith or another part of the county, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Smith, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.44%
Estimate Property Tax Bill
$180
Ownwell’s SMITH Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and prospective buyers to estimate their annual property taxes in SMITH with just two data inputs. By simply entering your property's estimated assessed value, the calculator applies the median tax rate in SMITH to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities and make informed financial decisions. For those interested in more granular details, you can explore trends at the neighborhood level by scrolling down. Your property's assessed value is determined by the county for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Smith, Michigan
Property taxes in SMITH, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in SMITH is 1.05%, higher than both the Michigan state median of 1.54% and the U.S. national median of 0.99%. Local government entities within SMITH set these rates annually, and they can vary significantly across different neighborhoods. Each year, SMITH 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 SMITH's effective property tax rate to other counties in Michigan and the national median. For comparison, the highest median property tax rate in the area is 1.54%, while the lowest median tax rate is 0.44%. Understanding how these cities compare with SMITH provides valuable insights into the varying tax landscape across Schoolcraft County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Smith Tax Rate
0.44%
Average Schoolcraft County Tax Rate
0.45%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smith, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across Smith, Michigan
In Smith, 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 Schoolcraft 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 Smith, 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 Smith helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Smith is $41,000 with tax bills at the 25th, 75th, and 90th percentiles all being $181.
Average Smith Assessed Value
$41,000
Average Schoolcraft County Assessed Value
$86,700
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Smith, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Smith, Michigan
Property tax bills in SMITH, located in Schoolcraft County, MI, are calculated based on the assessed value of a property, which is typically 50% of its market value. For instance, with a median home price of $41,000, the assessed value would be approximately $20,500. The local tax rate is then applied to this assessed value to determine the annual property tax bill. Several factors influence the tax bill, including the property's location, the local tax rate, and any applicable exemptions or deductions. In SMITH, the tax bills show little variation, with the 25th, 75th, and 90th percentiles all at $181, indicating a relatively uniform tax burden across different properties. Compared to the national median property tax rate of 0.99%, homeowners in SMITH benefit from a lower property tax rate, which can offer significant savings. This relatively low and consistent tax bill helps homeowners manage their finances better and can make the area more attractive to potential buyers.
Average Smith Tax Bill
$181
Average Schoolcraft County Tax Bill
$504
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Smith, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell