Toledo, Michigan Property Taxes
The median property tax rate in Toledo, MI is 0.33%, significantly lower than both the national median of 0.99% and Michigan's state median of 1.07%. With the median home value in Toledo at $53,100, the typical annual property tax bill is $190, far below the national median of $2,690. Property taxes in Toledo are calculated based on the assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Toledo'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 Toledo or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Toledo, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.33%
Estimate Property Tax Bill
$175
Ownwell’s Toledo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Toledo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Toledo 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 Toledo, Michigan
Property taxes in Toledo, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Toledo is 1.54%, significantly higher than both the Michigan state median of 1.31% and the U.S. national median of 0.99%. Local government entities within Toledo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Toledo 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 Toledo's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48154 zip code has the highest median property tax rate of 2.02%, while the 49036 zip code has the lowest median tax rate of 1.05%. Understanding how these cities compare with Toledo 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 Toledo Tax Rate
0.33%
Average Schoolcraft County Tax Rate
0.45%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Toledo, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43615 | 0.27% | 0.29% | 0.33% | 0.37% | 0.39% |
Source: Ownwell
Property Tax Assessment Values Across Toledo, Michigan
In Toledo, 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 Toledo, 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 Toledo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill is found in the 43615 zip code, with a value of $190.00, while the lowest median tax bill also occurs in the same zip code.
Average Toledo Assessed Value
$53,100
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 Toledo, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43615 | $38,140 | $43,750 | $53,100 | $62,450 | $68,060 |
Source: Ownwell
Property Tax Bills Across Toledo, Michigan
In Toledo, located in Schoolcraft County, MI, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is typically a percentage of the market value, and it’s this assessed value that the tax rate is applied to. For instance, with a median home price of $53,100, the property taxes can vary significantly. Homeowners in the 25th percentile can expect a tax bill around $138, while those in the 75th percentile might see bills closer to $241. The 90th percentile tax bills can reach up to $271. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local rates. The highest and lowest median tax bills in Toledo are both $190, specifically in the 43615 zip code. These property taxes fund essential services such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners. Understanding these factors is crucial for homeowners to budget effectively and anticipate their annual expenses.
Average Toledo Tax Bill
$190
Average Schoolcraft County Tax Bill
$504
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Toledo, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 43615 | $108 | $138 | $190 | $241 | $271 |
Source: Ownwell