Imlay City, Michigan Property Taxes
The median property tax rate in Imlay City, MI is 0.35%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Imlay City being $199,400, the typical annual property tax bill is $670, well below the national median of $2,690. Property taxes in Imlay City are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Imlay City'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 Imlay City or another part of the area, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Imlay City, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.35%
Estimate Property Tax Bill
$698
Ownwell’s Imlay City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Imlay City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Imlay City 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 Imlay City, Michigan
Property taxes in Imlay City, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Imlay City is 0.35%, significantly lower than both the Michigan state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Imlay City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Imlay City 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 Imlay City's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48381 zip code has the highest median property tax rate of 4.10%, while the 49021 zip code has the lowest median tax rate of 0.35%. Understanding how these cities compare with Imlay City 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 Imlay City Tax Rate
0.35%
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 Imlay City, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48444 | 0.30% | 0.31% | 0.35% | 0.42% | 0.53% |
Source: Ownwell
Property Tax Assessment Values Across Imlay City, Michigan
In Imlay City, 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 Imlay City, 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. The median home price in Imlay City is $199,400, with tax bills ranging from $484 at the 25th percentile to $1,564 at the 90th percentile. The highest median tax bill is $670 in the 48444 zip code. By understanding 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 Imlay City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Imlay City Assessed Value
$199,400
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 Imlay City, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48444 | $113,740 | $127,000 | $199,400 | $257,500 | $353,120 |
Source: Ownwell
Property Tax Bills Across Imlay City, Michigan
In Imlay City, located in St. Clair County, MI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual property tax bill. For example, with a median home price of $199,400, homeowners can expect their tax bills to vary significantly. Factors such as property location, market conditions, and local government budgets influence these assessments. In Imlay City, tax bills range from the 25th percentile at $484 to the 90th percentile at $1,564, with the median tax bill standing at $670. This variability can impact homeowners' finances, making it crucial for them to understand and possibly appeal their property assessments to ensure fair taxation. Compared to the national median property tax rate of 0.99%, Imlay City's property tax rates offer a comparative perspective on local taxation and its effects on residents.
Average Imlay City Tax Bill
$670
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 Imlay City, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48444 | $408 | $484 | $670 | $1,010 | $1,564 |
Source: Ownwell