Memphis, Michigan Property Taxes
The median property tax rate in Memphis, MI is 1.06%, slightly higher than the national median of 0.99% but just below the Michigan state median of 1.07%. With a median home value of $193,000 in Memphis, the typical annual property tax bill amounts to $2,065, which is lower than the national median of $2,690. Property taxes in Memphis are determined based on the assessed value, typically less than the market value due to exemptions such as the primary residence exemption. Navigating Memphis's property tax system, exploring available exemptions, and finding opportunities for reductions can result in substantial yearly savings. Whether you're in the heart of Memphis or another part of the city, understanding the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Memphis, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$2,046
Ownwell’s Memphis Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Memphis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Memphis 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 Memphis, Michigan
Property taxes in Memphis, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Memphis is 1.06%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Memphis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Memphis 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 Memphis's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48041 zip code has the highest median property tax rate of 1.06%, while the 48041 zip code has the lowest median tax rate of 1.06%. Understanding how these cities compare with Memphis 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 Memphis Tax Rate
1.06%
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 Memphis, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48041 | 0.55% | 0.75% | 1.06% | 1.37% | 1.75% |
Source: Ownwell
Property Tax Assessment Values Across Memphis, Michigan
In Memphis, 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 Memphis, 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 Memphis is $193,000, with tax bills ranging from $1,542 at the 25th percentile to $3,469 at the 90th percentile. The highest median tax bill of $2,065 is found in the 48041 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 Memphis helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Memphis Assessed Value
$193,000
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 Memphis, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48041 | $117,040 | $143,000 | $193,000 | $296,500 | $383,280 |
Source: Ownwell
Property Tax Bills Across Memphis, Michigan
In MEMPHIS, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. Homeowners in St. Clair County, where MEMPHIS is located, experience a range of property tax bills. Factors such as the home's location, size, and condition influence the assessed value, which in turn affects the tax bill. For example, a home with a median price of $193,000 could see tax bills ranging from $1,542 at the 25th percentile to $2,718 at the 75th percentile, with the 90th percentile reaching up to $3,469. The highest and lowest median tax bills in St. Clair County are both $2,065, as indicated by data from the zip code 48041. These figures highlight the variability in property tax bills within the county. Compared to the national median property tax rate of 0.99%, homeowners in MEMPHIS may find their tax rates to be relatively competitive, impacting their overall cost of homeownership.
Average Memphis Tax Bill
$2,065
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 Memphis, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48041 | $1,127 | $1,542 | $2,065 | $2,718 | $3,469 |
Source: Ownwell