Essexville, Michigan Property Taxes
The median property tax rate in Essexville, MI is 1.16%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Essexville at $137,200, the typical annual property tax bill reaches $1,769, which is below the national median of $2,690. Property taxes in Essexville are calculated based on the tax assessed value, typically lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Essexville'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 Essexville 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
Essexville, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$1,592
$1,477
Ownwell’s Essexville Property Tax Bill Calculator is a valuable tool for any homeowner, real estate investor, or prospective buyer looking to estimate their annual property taxes in Essexville. By simply entering your property's estimated assessed value, the calculator uses the median tax rate specific to Essexville to provide an accurate estimate of your property tax bill. This tool offers a clear understanding of potential tax liabilities, making financial planning easier. Additionally, if you're curious about neighborhood-level trends, you can scroll down for more localized information. Remember, your property’s assessed value is determined by Bay County for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Essexville, Michigan
Property taxes in Essexville, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Essexville is 1.16%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Essexville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Essexville 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 Essexville's effective property tax rate to other areas in Michigan and the national median. For comparison, the 48732 zip code has the highest median property tax rate of 1.16%, while the same zip code also has the lowest median tax rate of 1.16%. Understanding how these cities compare with Essexville provides valuable insights into the varying tax landscape across Bay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Essexville Tax Rate
1.16%
Average Bay County Tax Rate
1.00%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Essexville, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48732 | 0.84% | 0.94% | 1.16% | 1.64% | 1.95% |
Source: Ownwell
Property Tax Assessment Values Across Essexville, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Essexville, Michigan. 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 Bay 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 Essexville, 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 Essexville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Essexville is $137,200, with the highest median tax bill recorded at $1,769 in the 48732 zip code.
Average Essexville Assessed Value
$137,200
Average Bay County Assessed Value
$117,300
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Essexville, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48732 | $73,200 | $99,700 | $137,200 | $200,200 | $281,920 |
Source: Ownwell
Property Tax Bills Across Essexville, Michigan
In Essexville, MI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. Homeowners in Essexville can expect a median home price of $137,200. The property tax rate in this area is influenced by various factors, including local government budgets and voter-approved measures. The tax bill for homeowners in Essexville varies significantly. At the 25th percentile, property tax bills are around $1,304, while at the 75th percentile, they can reach up to $2,381. For those in the 90th percentile, the tax bill can be as high as $3,245. The highest and lowest median tax bills in the 48732 zip code are both recorded at $1,769. Compared to the national median property tax rate of 0.99%, Essexville's property tax rates reflect the local economic conditions and funding requirements for public services. This variability in tax bills affects homeowners by influencing their annual financial planning and the overall affordability of homeownership.
Average Essexville Tax Bill
$1,769
Average Bay County Tax Bill
$1,271
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Essexville, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48732 | $960 | $1,304 | $1,769 | $2,381 | $3,245 |
Source: Ownwell