South Branch, Michigan Property Taxes
The median property tax rate in South Branch, MI is 0.99%, aligning with the national median of 0.99% but slightly lower than the Michigan state median of 1.07%. With the median home value in South Branch at $47,800, the typical annual property tax bill is approximately $373, significantly below the national median of $2,690. Property taxes in South Branch are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding South Branch'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 South Branch 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
South Branch, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$473
Ownwell’s South Branch Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in South Branch with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South Branch 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 South Branch, Michigan
Property taxes in South Branch, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in South Branch is 1.32%, higher than both the Michigan state median of 1.54% and the U.S. national median of 0.99%. Local government entities within South Branch set these rates annually, and they can vary significantly across different neighborhoods. Each year, South Branch 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 South Branch's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48761 zip code has the highest median property tax rate of 1.54%, while the 48761 zip code also has the lowest median tax rate of 1.54%. Understanding how these cities compare with South Branch provides valuable insights into the varying tax landscape across Alcona County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average South Branch Tax Rate
0.99%
Average Alcona County Tax Rate
0.72%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Branch, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48761 | 0.43% | 0.49% | 0.99% | 1.10% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across South Branch, Michigan
In South Branch, 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 Alcona 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 South Branch, 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 South Branch helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 48761 has both the highest and lowest median tax bill at $373.
Average South Branch Assessed Value
$47,800
Average Alcona County Assessed Value
$114,600
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across South Branch, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48761 | $19,280 | $28,800 | $47,800 | $73,800 | $122,240 |
Source: Ownwell
Property Tax Bills Across South Branch, Michigan
In South Branch, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The assessed value is typically a percentage of the market value of the property. For instance, with a median home price of $47,800, the assessed value would be a fraction of this amount. Once the assessed value is established, the local tax rate is applied to determine the annual property tax bill. In Alcona County, where South Branch is located, property tax bills vary significantly. Homeowners at the 25th percentile can expect to pay around $249 annually, while those at the 75th percentile may see bills as high as $601. The top 10% of homeowners face even higher bills, reaching up to $929. For reference, the highest median tax bill in the area is $373, as seen in the 48761 zip code. These tax bills can have a substantial impact on homeowners, influencing their overall cost of living and financial planning.
Average South Branch Tax Bill
$373
Average Alcona County Tax Bill
$819
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across South Branch, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48761 | $162 | $249 | $373 | $601 | $929 |
Source: Ownwell