Hastings, Michigan Property Taxes
The median property tax rate in Hastings, MI is 1.36%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Hastings at $155,200, the typical annual property tax bill reaches $2,034, exceeding the national median of $2,690. Property taxes in Hastings 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 Hastings'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 Hastings or another part of Barry County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hastings, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.36%
Estimate Property Tax Bill
$2,111
Ownwell’s Hastings Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hastings with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hastings 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 Hastings, Michigan
Property taxes in Hastings, Michigan, are essential for funding key local services such as public schools, road maintenance, and emergency services. The median tax rate in Hastings is 1.36%, notably higher than the U.S. national median of 0.99%. Local government entities within Hastings set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hastings 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 Hastings' effective property tax rate to other areas in Barry County and the national median. For comparison, the 49058 zip code has the highest median property tax rate of 1.36%, while the same zip code also has the lowest median tax rate of 1.36%. Understanding how these areas compare with Hastings 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 Hastings Tax Rate
1.36%
Average Barry County Tax Rate
1.13%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hastings, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49058 | 0.78% | 0.98% | 1.36% | 1.77% | 2.30% |
Source: Ownwell
Property Tax Assessment Values Across Hastings, Michigan
In Hastings, 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 Hastings, 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 Hastings helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Hastings are both $2,034, found in zip code 49058.
Average Hastings Assessed Value
$155,200
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 Hastings, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49058 | $75,400 | $110,400 | $155,200 | $223,050 | $321,200 |
Source: Ownwell
Property Tax Bills Across Hastings, Michigan
In Hastings, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value typically represents a percentage of the home's market value. For example, a home with a median price of $155,200 in Hastings would have its tax bill calculated on a portion of that value. The tax rate in Barry County, where Hastings is located, is applied to this assessed value to determine the annual tax bill. Several factors influence the property tax bill, including the property's location, improvements, and market conditions. Homeowners in Hastings can expect tax bills that vary significantly. For instance, the 25th percentile tax bill is around $1,402, while the 75th percentile tax bill can reach up to $3,150. At the 90th percentile, the tax bill soars to approximately $5,073. These variations can significantly impact homeowners' finances, making it essential to understand how local assessments and tax rates affect individual tax obligations.
Average Hastings Tax Bill
$2,034
Average Barry County Tax Bill
$1,949
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Hastings, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49058 | $909 | $1,402 | $2,034 | $3,150 | $5,073 |
Source: Ownwell