Freeport, Michigan Property Taxes
The median property tax rate in Freeport, MI is 1.18%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Freeport at $155,800, the typical annual property tax bill reaches $1,701, which is below the national median of $2,690. Property taxes in Freeport 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 Freeport'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 Freeport 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
Freeport, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$1,838
Ownwell’s Freeport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Freeport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Freeport 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 Freeport, Michigan
Property taxes in Freeport, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Freeport is 1.18%, significantly higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Freeport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Freeport 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 Freeport's effective property tax rate to other counties in Michigan and the national median. For comparison, the zip code 49325 has the highest median property tax rate of 1.18%, while the lowest median tax rate is also 1.18%. Understanding how these cities compare with Freeport provides valuable insights into the varying tax landscape across Barry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Freeport Tax Rate
1.18%
Average Barry County Tax Rate
1.13%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Freeport, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49325 | 0.67% | 0.88% | 1.18% | 1.34% | 1.51% |
Source: Ownwell
Property Tax Assessment Values Across Freeport, Michigan
In Freeport, 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 Barry 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 Freeport, 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. The highest and lowest median tax bills in Freeport both stand at $1701, specifically in the 49325 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 Freeport Assessed Value
$155,800
Average Barry County Assessed Value
$180,200
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Freeport, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49325 | $81,180 | $104,950 | $155,800 | $253,550 | $368,880 |
Source: Ownwell
Property Tax Bills Across Freeport, Michigan
In Freeport, Barry County, MI, property tax bills are determined by assessing the market value of a home and applying the local tax rate to this value. The median home price in Freeport is $155,800. Homeowners in this area can expect their property tax bills to vary significantly based on their home's assessed value. For instance, the 25th percentile tax bill is $1,156, while the 75th percentile tax bill is $2,689, and the 90th percentile tax bill reaches $3,963. These property tax bills are influenced by several factors, including the home's market value, any applicable exemptions, and the specific tax rate set by local authorities. Compared to the national median property tax rate of 0.99%, Freeport's tax rates reflect the local economic conditions and funding needs for public services. For homeowners, understanding these factors is crucial as property taxes directly impact annual housing costs and overall affordability.
Average Freeport Tax Bill
$1,701
Average Barry County Tax Bill
$1,949
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Freeport, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49325 | $842 | $1,156 | $1,701 | $2,689 | $3,963 |
Source: Ownwell