Algonac, Michigan Property Taxes
The median property tax rate in Algonac, MI is 1.24%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Algonac at $158,200, the typical annual property tax bill reaches $1,990, still below the national median of $2,690. Property taxes in Algonac 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 Algonac'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 Algonac 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
Algonac, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.24%
Estimate Property Tax Bill
$1,962
Ownwell’s Algonac Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Algonac with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Algonac 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 Algonac, Michigan
Property taxes in Algonac, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Algonac is 1.24%, significantly higher than the U.S. national median of 0.99%. Local government entities within Algonac set these rates annually, and they can vary significantly across different neighborhoods. Each year, Algonac 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 Algonac's effective property tax rate to other regions in Michigan and the national median. For comparison, the 48001 zip code has the highest median property tax rate of 1.24%, while the same 48001 zip code also has the lowest median tax rate of 1.24%. Understanding how these cities compare with Algonac provides valuable insights into the varying tax landscape across St. Clair County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Algonac Tax Rate
1.24%
Average St. Clair County Tax Rate
0.78%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Algonac, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48001 | 0.68% | 0.95% | 1.24% | 1.60% | 1.93% |
Source: Ownwell
Property Tax Assessment Values Across Algonac, Michigan
In Algonac, 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 St. Clair 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 Algonac, 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 Algonac helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Algonac is $158,200, with the highest and lowest median tax bills both recorded at $1,990 in the 48001 zip code.
Average Algonac Assessed Value
$158,200
Average St. Clair County Assessed Value
$181,600
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Algonac, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48001 | $66,700 | $117,200 | $158,200 | $226,400 | $350,300 |
Source: Ownwell
Property Tax Bills Across Algonac, Michigan
In Algonac, located in St. Clair County, MI, property tax bills are calculated based on the assessed value of a home, which is typically set at 50% of the market value. For instance, with a median home price of $158,200, the assessed value would be around $79,100. Local tax rates are then applied to this assessed value to determine the tax bill. The median property tax rate in Algonac is 1.26%, which is higher than the national median of 0.99%. Homeowners in Algonac can expect varying tax bills depending on their property's value and location within the city. For example, the 25th percentile tax bill is approximately $1,293, while the 75th percentile tax bill is around $2,853, and the 90th percentile tax bill can reach up to $4,131. These figures show a significant range, indicating how different factors such as neighborhood and specific property characteristics can influence the final tax amount. This variability in tax bills affects homeowners by impacting their annual expenses and potentially influencing their decisions related to property investments and homeownership.
Average Algonac Tax Bill
$1,990
Average St. Clair County Tax Bill
$1,504
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Algonac, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48001 | $641 | $1,293 | $1,990 | $2,853 | $4,131 |
Source: Ownwell