Brockway, Michigan Property Taxes
The median property tax rate in Brockway, MI is 0.34%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Brockway at $221,200, the typical annual property tax bill amounts to $754, well below the national median of $2,690. Property taxes in Brockway are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Brockway'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 Brockway 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
Brockway, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.34%
Estimate Property Tax Bill
$752
Ownwell’s Brockway Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Brockway with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Brockway 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 Brockway, Michigan
Property taxes in Brockway, Michigan, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Brockway is 1.05%, higher than both the Michigan state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Brockway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Brockway 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 Brockway's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48074 zip code has the highest median property tax rate of 1.54%, while the 48097 zip code has the lowest median tax rate of 1.05%. Understanding how these cities compare with Brockway 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 Brockway Tax Rate
0.34%
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 Brockway, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48097 | 0.27% | 0.30% | 0.34% | 0.39% | 0.49% |
Source: Ownwell
Property Tax Assessment Values Across Brockway, Michigan
In Brockway, 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 Brockway, 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 Brockway helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 48097 has the highest and lowest median tax bill, both at $754.
Average Brockway Assessed Value
$221,200
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 Brockway, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48097 | $115,280 | $165,600 | $221,200 | $280,400 | $338,280 |
Source: Ownwell
Property Tax Bills Across Brockway, Michigan
In Brockway, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For instance, with a median home price of $221,200, the assessed value is used to determine the tax bill. Tax rates are applied to this assessed value to calculate the total property tax due. In St. Clair County, the median property tax bill stands at $754.00, consistent across the area, with specific zip codes like 48097 reflecting this median value. Several factors influence the final tax bill, including the home’s assessed value, local tax rates, and any applicable exemptions or deductions. For homeowners, this means that fluctuations in property values or changes in local tax rates can significantly impact their annual tax obligations. The tax bill ranges widely, with the 25th percentile at $552, the 75th percentile at $992, and the 90th percentile reaching up to $1306, illustrating the variation based on home values and specific circumstances within the city.
Average Brockway Tax Bill
$754
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 Brockway, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48097 | $388 | $552 | $754 | $992 | $1,306 |
Source: Ownwell