South, Michigan Property Taxes
The median property tax rate in SOUTH, MI is 0.26%, considerably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in SOUTH at $81,800, the typical annual property tax bill reaches $215, significantly below the national median of $2,690. Property taxes in SOUTH are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding SOUTH'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 SOUTH 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
South, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.26%
Estimate Property Tax Bill
$213
Ownwell’s South Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in South with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South 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 South, Michigan
Property taxes in South, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in South is 0.26%, which is lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within South set these rates annually, and they can vary significantly across different neighborhoods. Each year, South 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 South's effective property tax rate to other counties in Michigan and the national median. For comparison, the highest median property tax rate in Michigan is significantly higher, while the lowest median tax rate is notably lower. Understanding how these cities compare with South 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 South Tax Rate
0.26%
Average Schoolcraft County Tax Rate
0.45%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across South, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across South, Michigan
In South, 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. Assessment notices in South 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 South helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In South, the median home price is $81,800, with tax bills ranging from $215 at the 25th percentile to $215 at the 90th percentile.
Average South Assessed Value
$81,800
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 South, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across South, Michigan
In the city of South in Schoolcraft County, MI, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. Typically, the assessed value is a percentage of the property's market value. Homeowners in South can expect their property tax rate to be influenced by various factors including local government budgets, school funding needs, and public services. For a median home price of $81,800, property tax bills can vary significantly. At the 25th, 75th, and 90th percentiles, the tax bill is consistently $215, indicating a relatively stable tax rate across different property values. This stability can provide homeowners with a predictable financial outlook. Compared to the national median property tax rate of 0.99%, the tax rate in South offers a more affordable option for homeowners, making it an attractive place for those looking to manage their housing costs effectively. This lower tax burden can positively impact the overall cost of homeownership, contributing to long-term financial stability.
Average South Tax Bill
$215
Average Schoolcraft County Tax Bill
$504
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across South, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell