Wayland, Michigan Property Taxes
The median property tax rate in Wayland, MI is 1.28%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Wayland at $249,900, the typical annual property tax bill reaches $3,299, exceeding the national median of $2,690. Property taxes in Wayland 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 Wayland'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 Wayland 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
Wayland, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.28%
Estimate Property Tax Bill
$3,199
$2,968
Ownwell’s Wayland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wayland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wayland 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 Wayland, Michigan
Property taxes in Wayland, Michigan, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Wayland is 1.28%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within Wayland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wayland 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 Wayland's effective property tax rate to other counties in Michigan and the national median. For comparison, the highest median property tax rate in the area is also 1.28% in the 49348 zip code, while the lowest median tax rate is the same at 1.28% in the same zip code. Understanding how these rates compare with Wayland 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 Wayland Tax Rate
1.28%
Average Barry County Tax Rate
1.13%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wayland, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49348 | 0.97% | 1.12% | 1.28% | 1.49% | 2.00% |
Source: Ownwell
Property Tax Assessment Values Across Wayland, Michigan
In Wayland, 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 Wayland, 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 Wayland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in the area is $3299, found in zip code 49348.
Average Wayland Assessed Value
$249,900
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 Wayland, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49348 | $95,500 | $173,850 | $249,900 | $376,950 | $549,000 |
Source: Ownwell
Property Tax Bills Across Wayland, Michigan
In Wayland, MI, property tax bills are calculated based on the assessed value of a home, which is typically determined as a percentage of the market value. For instance, with a median home price of $249,900, the assessed value is used to compute the tax bill. The tax rate in Wayland is influenced by various factors, including local government budgets, school funding, and public services. Homeowners in Wayland can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $2,180, while the 75th percentile reaches approximately $4,951. For those in the 90th percentile, the tax bill can soar to $7,145. These variations reflect differences in property values and local tax rates within the city. Compared to the national median property tax rate of 0.99%, Wayland's rates demonstrate the impact of local taxation policies on homeowners. Understanding these factors helps residents anticipate their annual property tax obligations and plan their finances accordingly.
Average Wayland Tax Bill
$3,299
Average Barry County Tax Bill
$1,949
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Wayland, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49348 | $1,391 | $2,180 | $3,299 | $4,951 | $7,145 |
Source: Ownwell