Lynn, Michigan Property Taxes
The median property tax rate in Lynn, Michigan is 0.37%, considerably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Lynn, the typical annual property tax bill reaches $830, significantly below the national median of $2,690. Property taxes in Lynn 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 Lynn'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 Lynn 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
Lynn, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.37%
Estimate Property Tax Bill
$847
Ownwell’s Lynn Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lynn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lynn 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 Lynn, Michigan
Property taxes in Lynn, Michigan, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Lynn is 0.37%, which is significantly lower than both the Michigan state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Lynn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lynn 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 Lynn's effective property tax rate to other counties in Michigan and the national median. For comparison, ZIP code 48001 has the highest median property tax rate of 1.58%, while ZIP code 48097 has the lowest median tax rate of 0.37%. Understanding how these cities compare with Lynn 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 Lynn Tax Rate
0.37%
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 Lynn, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48097 | 0.29% | 0.33% | 0.37% | 0.42% | 0.52% |
Source: Ownwell
Property Tax Assessment Values Across Lynn, Michigan
In Lynn, 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 Lynn, 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. The median home price in Lynn is $228,800, with tax bills ranging from $633 at the 25th percentile to $1,453 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lynn Assessed Value
$228,800
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 Lynn, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48097 | $129,120 | $166,600 | $228,800 | $280,800 | $333,120 |
Source: Ownwell
Property Tax Bills Across Lynn, Michigan
In Lynn, 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 the market value. The median home price in Lynn is $228,800. Property tax rates in this area are influenced by several factors, including local government budgets, school funding needs, and public services. For homeowners, this means the tax bill can vary significantly within the city. For instance, the 25th percentile tax bill stands at $633, while the 75th percentile tax bill reaches $1,095, and the 90th percentile tax bill can go up to $1,453. Comparatively, the national median property tax rate is 0.99%, making Lynn’s property tax rates relatively competitive. Homeowners must consider these factors when budgeting for annual expenses, as property taxes can significantly impact their financial planning. The highest and lowest median tax bills in Lynn both amount to $830, indicating a level of consistency in some areas within the city. Overall, understanding these variables helps homeowners better anticipate their property tax obligations.
Average Lynn Tax Bill
$830
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 Lynn, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48097 | $493 | $633 | $830 | $1,095 | $1,453 |
Source: Ownwell