Burr Oak, Michigan Property Taxes
The median property tax rate in Burr Oak, MI is 0.39%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Burr Oak, the typical annual property tax bill is $482, far below the national median of $2,690. Property taxes in Burr Oak are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Burr Oak'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 Burr Oak 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
Burr Oak, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$467
Ownwell’s Burr Oak Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Burr Oak with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Burr Oak 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 Burr Oak, Michigan
Property taxes in Burr Oak, Michigan, are essential in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Burr Oak is 0.39%, which is lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Burr Oak set these rates annually, and they can vary significantly across different neighborhoods. Each year, Burr Oak 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 Burr Oak's effective property tax rate to other counties in Michigan and the national median. For comparison, the highest median property tax rate in the region is found in ZIP code 49036 with a rate of 1.52%, while the lowest median tax rate is in ZIP code 49028 at 0.68%. Understanding how these cities compare with Burr Oak provides valuable insights into the varying tax landscape across Branch County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Burr Oak Tax Rate
0.39%
Average Branch County Tax Rate
0.40%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Burr Oak, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49030 | 0.29% | 0.33% | 0.39% | 0.46% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Burr Oak, Michigan
In Burr Oak, 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 Branch 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 Burr Oak, 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 Burr Oak helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Burr Oak is $119,663, with tax bills ranging from $324 at the 25th percentile to $1,017 at the 90th percentile. The highest and lowest median tax bills are both $482 in the 49030 zip code.
Average Burr Oak Assessed Value
$119,663
Average Branch County Assessed Value
$130,544
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Burr Oak, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49030 | $37,877 | $75,845 | $119,663 | $192,286 | $281,228 |
Source: Ownwell
Property Tax Bills Across Burr Oak, Michigan
In Burr Oak, located in Branch County, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value typically represents a percentage of the market value of the property. Homeowners in Burr Oak can expect their tax bills to vary significantly, with the 25th percentile tax bill at $324 and the 75th percentile tax bill reaching $765. For those at the higher end, the 90th percentile tax bill is $1,017. These figures are influenced by several factors, including the home's assessed value, the local tax rate, and any applicable exemptions. The median home price in Burr Oak is $119,663, which helps provide a context for these tax bills. Compared to the national median property tax rate of 0.99%, Burr Oak's tax rates offer a unique perspective on how local property taxes can impact homeowners. Understanding these elements is crucial for homeowners as it directly affects their annual financial planning and overall cost of homeownership.
Average Burr Oak Tax Bill
$482
Average Branch County Tax Bill
$638
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Burr Oak, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49030 | $161 | $324 | $482 | $765 | $1,017 |
Source: Ownwell