Hickory Corners, Michigan Property Taxes
The median property tax rate in Hickory Corners, MI is 1.27%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Hickory Corners at $216,200, the typical annual property tax bill reaches $2,590, slightly below the national median of $2,690. Property taxes in Hickory Corners 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 Hickory Corners' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Hickory Corners 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
Hickory Corners, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.27%
Estimate Property Tax Bill
$2,746
Ownwell’s Hickory Corners Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hickory Corners with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hickory Corners 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 Hickory Corners, Michigan
Property taxes in Hickory Corners, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hickory Corners is 1.27%, significantly higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Hickory Corners set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hickory Corners 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 Hickory Corners' effective property tax rate to other counties in Michigan and the national median. For comparison, the 49060 zip code has the highest median property tax rate of 1.27%, while the same zip code also has the lowest median tax rate of 1.27%. Understanding how these cities compare with Hickory Corners 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 Hickory Corners Tax Rate
1.27%
Average Barry County Tax Rate
1.13%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hickory Corners, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49060 | 0.74% | 1.03% | 1.27% | 1.55% | 1.72% |
Source: Ownwell
Property Tax Assessment Values Across Hickory Corners, Michigan
In Hickory Corners, 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 Hickory Corners, 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 Hickory Corners helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Hickory Corners, the median home price is $216,200, with tax bills ranging from $1,757 at the 25th percentile to $10,123 at the 90th percentile. The zip code 49060 has the highest and lowest median tax bill at $2,590.
Property Tax Assessment Values Across Hickory Corners, Michigan
Source: Ownwell
$128,200
$438,450
$748,700
Average Hickory Corners Assessed Value
$216,200
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 Hickory Corners, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49060 | $92,400 | $138,000 | $216,200 | $392,000 | $838,200 |
Source: Ownwell
Property Tax Bills Across Hickory Corners, Michigan
In Hickory Corners, located in Barry County, MI, property tax bills are calculated based on the assessed value of your home. The assessed value is determined by the local tax assessor and typically represents 50% of the market value of the property. This assessed value is then multiplied by the local tax rate, which can vary depending on the specific area and services provided. For instance, the median home price in Hickory Corners is $216,200, and the property tax rates can lead to significant differences in tax bills. Homeowners in Hickory Corners can expect their tax bills to range widely. For example, the tax bill at the 25th percentile is $1,757, while at the 75th percentile, it jumps to $4,688. At the 90th percentile, some homeowners may face tax bills as high as $10,123. These taxes fund essential services such as public schools, infrastructure, and emergency services, directly impacting the quality of life in the community. Understanding these factors is crucial for homeowners to budget effectively and anticipate their financial obligations.
Average Hickory Corners Tax Bill
$2,590
Average Barry County Tax Bill
$1,949
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Hickory Corners, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49060 | $1,185 | $1,757 | $2,590 | $4,688 | $10,123 |
Source: Ownwell