Byron, Michigan Property Taxes
The median property tax rate in Byron, MI is 0.82%, which is lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Byron, the typical annual property tax bill reaches $1,654, falling below the national median of $2,690. Property taxes in Byron 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 Byron'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 Byron 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
Byron, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$1,630
Ownwell’s Byron Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Byron with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Byron 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 Byron, Michigan
Property taxes in Byron, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Byron is 0.82%, which is lower than the U.S. national median of 0.99%. Local government entities within Byron set these rates annually, and they can vary significantly across different neighborhoods. Each year, Byron 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 Byron's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48418 zip code has both the highest and lowest median property tax rate of 0.82%. Understanding how these cities compare with Byron 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 Byron Tax Rate
0.82%
Average Shiawassee County Tax Rate
1.23%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Byron, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48418 | 0.69% | 0.75% | 0.82% | 1.00% | 1.23% |
Source: Ownwell
Property Tax Assessment Values Across Byron, Michigan
In Byron, 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 Shiawassee 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 Byron, 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, the median home price in Byron is $198,800, with tax bills ranging from $1,216 at the 25th percentile to $2,873 at the 90th percentile. 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 Byron helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Byron Assessed Value
$198,800
Average Shiawassee County Assessed Value
$142,800
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Byron, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48418 | $101,920 | $144,800 | $198,800 | $249,200 | $310,560 |
Source: Ownwell
Property Tax Bills Across Byron, Michigan
In Byron, Shiawassee County, MI, property tax bills are calculated based on the assessed value of a home, which is often a percentage of the market value. Homeowners in this region typically see a median property tax bill of $1,654. This amount can vary significantly, with the 25th percentile at $1,216 and the 75th percentile at $2,150. For those at the higher end, the 90th percentile reaches up to $2,873. These figures are influenced by local tax rates and the assessed value of the property. The calculation involves multiplying the assessed value by the local tax rate. Factors such as property improvements, neighborhood developments, and changes in market conditions can affect the assessed value, leading to fluctuations in tax bills. Homeowners in Byron may find their property tax bills higher or lower than the national median property tax rate of 0.99%, depending on these variables. Understanding these factors can help homeowners anticipate changes in their tax obligations and plan accordingly.
Average Byron Tax Bill
$1,654
Average Shiawassee County Tax Bill
$1,816
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Byron, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48418 | $841 | $1,216 | $1,654 | $2,150 | $2,873 |
Source: Ownwell