Street, Michigan Property Taxes
The median property tax rate in Street, Michigan is 0.45%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Street, the typical annual property tax bill is $715, well below the national median of $2,690. Property taxes in Street 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 Street'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 Street or another part of Schoolcraft County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Street, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.45%
Estimate Property Tax Bill
$750
Ownwell’s STREET Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers in STREET, Schoolcraft. Simply input your property's estimated assessed value, and the calculator will use the median tax rate in STREET to provide an estimate of your annual property tax bill. This user-friendly tool offers a clear understanding of your potential tax liabilities, making financial planning easier. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, forms the basis for these calculations, taking into account any applicable exemptions.
Property Tax Rates Across Street, Michigan
Property taxes in STREET, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in STREET is 0.45%, significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within STREET set these rates annually, and they can vary significantly across different neighborhoods. Each year, STREET 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. Understanding how these cities compare with STREET 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 Street Tax Rate
0.45%
Average Schoolcraft County Tax Rate
0.45%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Street, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across Street, Michigan
In STREET, 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 STREET, 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, properties in the zip code with the highest tax bill have an average annual tax of $865, while those in the zip code with the lowest tax bill average $622. 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 STREET helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Street Assessed Value
$166,600
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 Street, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Street, Michigan
In the city of Street in Schoolcraft County, MI, property tax bills are calculated based on the assessed value of the property and the local tax rate. The assessed value is a percentage of the market value of the home, which is determined by the local assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Street, the median home price is $166,600. Property tax bills can vary significantly depending on the value of the home and the specific tax rate applied. For instance, at the 25th percentile, homeowners can expect a tax bill of around $622, while at the 75th percentile, the tax bill rises to approximately $809. Those in the 90th percentile may see tax bills as high as $865. These tax bills can have a considerable impact on homeowners, influencing their overall housing costs and affordability. Compared to the national median property tax rate of 0.99%, Street's property tax rates provide a useful benchmark for evaluating local tax burdens.
Average Street Tax Bill
$715
Average Schoolcraft County Tax Bill
$504
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Street, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell