Montgomery, Michigan Property Taxes
The median property tax rate in Montgomery, MI is 0.37%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Montgomery, the typical annual property tax bill amounts to $344, well below the national median of $2,690. Property taxes in Montgomery are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Montgomery'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 Montgomery 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
Montgomery, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.37%
Estimate Property Tax Bill
$368
Ownwell’s Montgomery Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and prospective buyers aiming to estimate their annual property taxes in Montgomery. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Montgomery to provide an accurate estimate of your property tax bill. This valuable resource offers clarity on potential tax obligations, helping you make informed financial decisions. For those interested in more granular insights, additional localized information is available below. Your property’s assessed value is determined by Branch County for tax purposes, factoring in any applicable exemptions.
Property Tax Rates Across Montgomery, Michigan
Property taxes in Montgomery, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Montgomery is 1.46%, higher than both the Michigan state median of 1.31% and the U.S. national median of 0.99%. Local government entities within Montgomery set these rates annually, and they can vary significantly across different neighborhoods. Each year, Montgomery 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. Understanding how Montgomery's effective property tax rate compares to other counties in Michigan and the national median 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 Montgomery Tax Rate
0.37%
Average Branch County Tax Rate
0.40%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Montgomery, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49255 | 0.24% | 0.29% | 0.37% | 0.45% | 0.50% |
Source: Ownwell
Property Tax Assessment Values Across Montgomery, Michigan
In Montgomery, 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 Montgomery, 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 Montgomery helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Montgomery Assessed Value
$99,379
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 Montgomery, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49255 | $33,541 | $61,378 | $99,379 | $157,792 | $220,782 |
Source: Ownwell
Property Tax Bills Across Montgomery, Michigan
In Montgomery, located in Branch County, MI, property tax bills are determined by applying the local tax rate to the assessed value of a property. The assessed value is typically a percentage of the property's market value, which is influenced by factors such as property size, location, and condition. For example, with a median home price of $99,379, the tax bill varies significantly across different percentiles. At the 25th percentile, homeowners might pay around $202, while those in the 75th percentile could see bills closer to $616. The 90th percentile tax bill reaches up to $896, reflecting the variability based on property characteristics and assessments. Compared to the national median property tax rate of 0.99%, Montgomery's rates can be considered relatively moderate. This variability in tax bills affects homeowners differently, with higher-value properties incurring larger tax obligations. Understanding these factors helps homeowners anticipate their tax responsibilities and plan accordingly, ensuring they are prepared for their annual property tax bills.
Average Montgomery 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 Montgomery, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49255 | $109 | $202 | $344 | $616 | $896 |
Source: Ownwell