Coloma, Michigan Property Taxes
The median property tax rate in Coloma, MI is 0.40%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Coloma at $174,800, the typical annual property tax bill is $787, well below the national median of $2,690. Property taxes in Coloma are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Coloma's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Coloma or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Coloma, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$699
$649
Ownwell’s Coloma Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Coloma with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Coloma 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 Coloma, Michigan
Property taxes in Coloma, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Coloma is 0.40%, which is lower than both the Michigan state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Coloma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Coloma 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 Coloma's effective property tax rate to other counties in Michigan and the national median. For comparison, the highest median property tax rate in Michigan is found in Wayne County at 2.18%, while the lowest median tax rate is in Luce County at 0.87%. Understanding how these cities compare with Coloma provides valuable insights into the varying tax landscape across Berrien County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Coloma Tax Rate
0.40%
Average Berrien County Tax Rate
0.85%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Coloma, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49038 | 0.27% | 0.33% | 0.40% | 0.52% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Coloma, Michigan
In Coloma, 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 local 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 Coloma, 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 Coloma helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Coloma is $174,800, with the median tax bill at $787, which is significantly lower than the national median property tax rate of 0.99%.
Average Coloma Assessed Value
$174,800
Average Berrien County Assessed Value
$183,200
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Coloma, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49038 | $83,000 | $122,000 | $174,800 | $248,550 | $381,000 |
Source: Ownwell
Property Tax Bills Across Coloma, Michigan
In Coloma, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is a percentage of the property's market value. Homeowners in Coloma can expect their tax bills to vary significantly, with the 25th percentile tax bill at $491 and the 75th percentile reaching $1,266. At the higher end, the 90th percentile tax bill can rise to $2,049. The median home price in Coloma is $174,800, and the median property tax bill stands at $787. This contrasts with the national median property tax rate of 0.99%. Various factors influence these tax bills, including property size, location, and any applicable exemptions or deductions. For homeowners, understanding these factors is crucial as they directly impact the annual financial obligations tied to their property. Accurate assessment and awareness of local tax rates can make a significant difference in managing these costs effectively.
Average Coloma Tax Bill
$787
Average Berrien County Tax Bill
$1,463
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Coloma, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49038 | $279 | $491 | $787 | $1,266 | $2,049 |
Source: Ownwell