Martin, Michigan Property Taxes
The median property tax rate in Martin, MI is 0.99%, aligning with the national median of 0.99% and slightly lower than the Michigan state median of 1.07%. With the median home value in Martin at $199,600, the typical annual property tax bill amounts to $1,975, which is below the national median of $2,690. Property taxes in Martin are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as the primary residence and agricultural exemptions. Understanding Martin'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 Martin 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
Martin, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,976
Ownwell’s Martin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Martin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Martin 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 Martin, Michigan
Property taxes in Martin, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Martin is 1.38%, which is higher than both the Michigan state median of 1.31% and the U.S. national median of 0.99%. Local government entities within Martin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Martin 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 Martin's effective property tax rate to other counties in Michigan and the national median. For comparison, the zip code 49070 has the highest median property tax rate of 1.38%, while zip code 49070 has the lowest median tax rate of 1.38%. Understanding how these cities compare with Martin 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 Martin Tax Rate
0.99%
Average Allegan County Tax Rate
1.09%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Martin, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49070 | 0.78% | 0.89% | 0.99% | 1.22% | 1.49% |
Source: Ownwell
Property Tax Assessment Values Across Martin, Michigan
In Martin, 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 Martin, 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. Martin's median property tax bill is $1,975, with the highest and lowest tax bills both found in the 49070 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Martin Assessed Value
$199,600
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 Martin, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49070 | $27,760 | $137,400 | $199,600 | $255,600 | $331,000 |
Source: Ownwell
Property Tax Bills Across Martin, Michigan
In Martin, located in Allegan County, MI, property tax bills are calculated based on the assessed value of a home, which is typically 50% of its market value. For instance, with a median home price of $199,600, the assessed value would be approximately $99,800. The property tax rate is then applied to this assessed value to determine the tax bill. Various factors, such as local government budgets, school funding needs, and public services, influence the tax rate. Homeowners in Martin can expect varying tax bills depending on their property values. For example, the tax bill at the 25th percentile is around $1,366, while at the 75th percentile, it reaches approximately $2,616. At the 90th percentile, it can go up to $3,439. The highest and lowest median tax bills in the area are both $1,975, highlighting a relatively uniform tax landscape. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Martin Tax Bill
$1,975
Average Allegan County Tax Bill
$2,370
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Martin, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49070 | $307 | $1,366 | $1,975 | $2,616 | $3,439 |
Source: Ownwell