Three Oaks, Michigan Property Taxes
The median property tax rate in Three Oaks, MI is 0.56%, considerably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Three Oaks at $253,800, the typical annual property tax bill reaches $1,337, significantly below the national median of $2,690. Property taxes in Three Oaks 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 Three Oaks' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Three Oaks 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
Three Oaks, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$1,421
Ownwell’s Three Oaks Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Three Oaks with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Three Oaks 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 Three Oaks, Michigan
Property taxes in Three Oaks, Michigan, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Three Oaks is 0.56%, lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Three Oaks set these rates annually, and they can vary significantly across different neighborhoods. Each year, Three Oaks 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 Three Oaks' effective property tax rate to other counties in Michigan and the national median. For comparison, the zip code 49128 has the highest median property tax rate of 0.56%, while also having the lowest median tax rate of 0.56%. Understanding how these cities compare with Three Oaks 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 Three Oaks Tax Rate
0.56%
Average Berrien County Tax Rate
0.85%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Three Oaks, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49128 | 0.28% | 0.38% | 0.56% | 0.77% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Three Oaks, Michigan
In Three Oaks, 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 Berrien 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 Three Oaks, 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. The median home price in Three Oaks is $253,800, with tax bills ranging from $898 at the 25th percentile to $2,366 at the 75th percentile, and up to $5,108 at the 90th percentile. The zip code 49128 has the highest median tax bill of $1,337. 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 Three Oaks helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Three Oaks Assessed Value
$253,800
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 Three Oaks, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49128 | $135,100 | $180,500 | $253,800 | $389,850 | $652,800 |
Source: Ownwell
Property Tax Bills Across Three Oaks, Michigan
In Three Oaks, property tax bills are calculated based on the assessed value of your home, which is determined by the local assessor's office. The assessed value is a percentage of the market value, and this figure is then multiplied by the local tax rate to determine your property tax bill. For homeowners in Three Oaks, the median home price is $253,800. Property tax bills can vary significantly, with the 25th percentile at $898 and the 75th percentile at $2366, while the 90th percentile reaches up to $5108. These variations are influenced by factors such as property location, home size, and any applicable exemptions. For comparison, the national median property tax rate is 0.99%. Understanding these factors can help homeowners anticipate their property tax obligations and plan accordingly. In Three Oaks, the highest and lowest median tax bills are both recorded at $1337 in the zip code 49128, highlighting a degree of uniformity within the area.
Average Three Oaks Tax Bill
$1,337
Average Berrien County Tax Bill
$1,463
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Three Oaks, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49128 | $585 | $898 | $1,337 | $2,366 | $5,108 |
Source: Ownwell