Van Buren Township, Michigan Property Taxes
The median property tax rate in Van Buren Township, MI is 0.77%, which is lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Van Buren Township at $249,600, the typical annual property tax bill is $1,886, significantly less than the national median of $2,690. Property taxes in Van Buren Township are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Van Buren Township'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 Van Buren Township 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
Van Buren Township, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$1,922
Ownwell’s VAN BUREN TOWNSHIP Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in VAN BUREN TOWNSHIP with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in VAN BUREN TOWNSHIP 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 Van Buren Township, Michigan
Property taxes in Van Buren Township, Michigan, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Van Buren Township is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Van Buren Township set these rates annually, and they can vary significantly across different neighborhoods. Each year, Van Buren Township 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 Van Buren Township's effective property tax rate to the national median. For comparison, the zip code 48111 has the highest median property tax rate of 0.77%, while the same zip code 48111 also has the lowest median tax rate of 0.77%. Understanding how these figures compare with Van Buren Township provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Van Buren Township Tax Rate
0.77%
Average Wayne County Tax Rate
1.44%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Van Buren Township, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48111 | 0.58% | 0.66% | 0.77% | 0.93% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Van Buren Township, Michigan
In Van Buren Township, 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 Wayne 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 Van Buren Township, 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 Van Buren Township is $249,600, and the median tax bill ranges from $1,308 at the 25th percentile to $3,260 at the 90th percentile. The highest and lowest median tax bill, both at $1,886, are found in the 48111 zip code. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Van Buren Township, Michigan
Source: Ownwell
$7,000
$311,100
$615,200
Average Van Buren Township Assessed Value
$249,600
Average Wayne County Assessed Value
$126,800
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Van Buren Township, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48111 | $124,400 | $166,400 | $249,600 | $314,000 | $380,600 |
Source: Ownwell
Property Tax Bills Across Van Buren Township, Michigan
In Van Buren Township, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For example, with a median home price of $249,600, the assessed value is used to determine the tax owed. The tax rate in this area is influenced by local government budgets and needs, as well as the state’s property tax policies. Homeowners in Van Buren Township can expect a range of tax bills depending on their property's assessed value. For instance, the 25th percentile tax bill is around $1,308, while the 75th percentile reaches up to $2,555. Those at the 90th percentile can see tax bills as high as $3,260. The median tax bill in the area is $1,886, which is below the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the community's quality of life. Understanding these factors can help homeowners better anticipate their annual property tax expenses.
Average Van Buren Township Tax Bill
$1,886
Average Wayne County Tax Bill
$1,625
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Van Buren Township, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48111 | $912 | $1,308 | $1,886 | $2,555 | $3,260 |
Source: Ownwell