Hopkins, Michigan Property Taxes
The median property tax rate in Hopkins, MI is 1.10%, slightly higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Hopkins at $212,300, the typical annual property tax bill reaches $2,337, which is below the national median of $2,690. Property taxes in Hopkins 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 Hopkins' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Hopkins 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
Hopkins, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$2,335
Ownwell’s Hopkins Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hopkins with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hopkins 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 Hopkins, Michigan
Property taxes in Hopkins, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hopkins is 1.10%, higher than the U.S. national median of 0.99%. Local government entities within Hopkins set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hopkins 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 Hopkins' effective property tax rate to other areas in Allegan County and the national median. For comparison, the zip code 49328 has both the highest and lowest median property tax rate of 1.10%. Understanding how these cities compare with Hopkins provides valuable insights into the varying tax landscape across Allegan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hopkins Tax Rate
1.10%
Average Allegan County Tax Rate
1.09%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hopkins, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49328 | 0.72% | 0.90% | 1.10% | 1.34% | 1.64% |
Source: Ownwell
Property Tax Assessment Values Across Hopkins, Michigan
In Hopkins, 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 Allegan 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 Hopkins, 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 Hopkins helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 49328 has the highest and lowest median tax bill at $2,337.
Average Hopkins Assessed Value
$212,300
Average Allegan County Assessed Value
$229,000
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hopkins, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49328 | $91,300 | $148,150 | $212,300 | $290,700 | $395,000 |
Source: Ownwell
Property Tax Bills Across Hopkins, Michigan
In Hopkins, Allegan 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 tax bill. Various factors influence this calculation, including the property's location, size, and any applicable exemptions or deductions. For homeowners in Hopkins, the median home price is $212,300. Property tax bills can vary significantly, with the 25th percentile at $1,571 and the 75th percentile reaching $3,246. The 90th percentile tax bill can go up to $4,359. These figures illustrate the range of potential tax liabilities homeowners might face. Compared to the national median property tax rate of 0.99%, Hopkins homeowners experience a diverse range of tax bills depending on their property's assessed value. Understanding these factors can help homeowners better anticipate their annual property tax obligations and manage their finances accordingly.
Average Hopkins Tax Bill
$2,337
Average Allegan County Tax Bill
$2,370
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Hopkins, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49328 | $956 | $1,571 | $2,337 | $3,246 | $4,359 |
Source: Ownwell