Homer, Branch County, Michigan Property Taxes
The median property tax rate in Homer, Michigan is 0.29%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $129,556, the typical annual property tax bill in Homer is approximately $344, well below the national median of $2,690. Property taxes in Homer are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Homer'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 Homer 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
Homer, Branch County, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.29%
Estimate Property Tax Bill
$376
$349
Ownwell’s Homer Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Homer with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Homer 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 Homer, Branch County, Michigan
Property taxes in Homer, Michigan, are essential for funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Homer is 0.29%, significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Homer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Homer 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 Homer'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 certain areas, while other regions have the lowest median tax rates. Understanding how these cities compare with Homer 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 Homer Tax Rate
0.29%
Average Branch County Tax Rate
0.40%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Homer, Branch County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49245 | 0.16% | 0.23% | 0.29% | 0.31% | 0.35% |
Source: Ownwell
Property Tax Assessment Values Across Homer, Branch County, Michigan
In Homer, 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 Homer, 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 Homer helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 49245 has both the highest and lowest median tax bill at $344.
Property Tax Assessment Values Across Homer, Branch County, Michigan
Source: Ownwell
$91,400
$142,056
$192,712
Average Homer Assessed Value
$129,556
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 Homer, Branch County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49245 | $38,890 | $97,816 | $129,556 | $166,030 | $211,770 |
Source: Ownwell
Property Tax Bills Across Homer, Branch County, Michigan
In Homer, MI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Homer is $129,556. Property tax rates in Homer are influenced by local government budgets, school funding needs, and other municipal services. Homeowners in Homer can expect their tax bills to vary significantly; the 25th percentile tax bill is around $171, while the 75th percentile reaches $459, and the 90th percentile climbs to $638. The highest and lowest median tax bills in Homer both stand at $344, situated in the 49245 zip code. Compared to the national median property tax rate of 0.99%, Homer’s tax rates can be more favorable for homeowners. These taxes fund essential services such as public education, infrastructure maintenance, and emergency services, directly impacting the quality of life in the community. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Homer Tax Bill
$344
Average Branch County Tax Bill
$638
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Homer, Branch County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49245 | $120 | $171 | $344 | $459 | $638 |
Source: Ownwell