Sherwood, Michigan Property Taxes
The median property tax rate in Sherwood, MI is 0.34%, considerably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Sherwood at $98,200, the typical annual property tax bill reaches $308, significantly below the national median of $2,690. Property taxes in Sherwood 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 Sherwood's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Sherwood 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
Sherwood, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.34%
Estimate Property Tax Bill
$334
$310
Ownwell’s Sherwood Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Sherwood with just two data points. By inputting your property's estimated assessed value, the calculator uses the median tax rate in Sherwood to project your property tax bill. This valuable tool helps you gauge potential tax liabilities with ease. For those interested in more granular insights, scroll down to explore neighborhood-level trends. Your property’s assessed value is determined by Branch County for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Sherwood, Michigan
Property taxes in Sherwood, Michigan, are essential for funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Sherwood is 1.54%, significantly higher than both the Michigan state median of 1.31% and the U.S. national median of 0.99%. Local government entities within Sherwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sherwood 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 Sherwood's effective property tax rate to other counties in Michigan and the national median. For comparison, the zip code 49036 has the highest median property tax rate of 1.54%, while 49028 has the lowest median tax rate of 1.20%. Understanding how these cities compare with Sherwood 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 Sherwood Tax Rate
0.34%
Average Branch County Tax Rate
0.40%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sherwood, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49089 | 0.22% | 0.27% | 0.34% | 0.41% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Sherwood, Michigan
In Sherwood, 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 Sherwood, 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 Sherwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $308 in zip code 49089.
Average Sherwood Assessed Value
$98,200
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 Sherwood, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49089 | $24,860 | $50,900 | $98,200 | $159,950 | $246,400 |
Source: Ownwell
Property Tax Bills Across Sherwood, Michigan
In Sherwood, located in Branch County, MI, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor and is typically a percentage of the market value. For instance, with a median home price of $98,200, homeowners can expect their tax bills to vary significantly depending on their property's assessed value and applicable tax rates. Several factors influence the final tax bill, including local tax rates, property improvements, and any applicable exemptions or deductions. For example, tax bills in Sherwood range from $171 at the 25th percentile to $823 at the 90th percentile. This variation shows how different factors, such as property size and location within the city, can impact the amount owed. For homeowners, understanding these factors is crucial as they directly affect annual financial planning. High property taxes can influence decisions on purchasing or renovating homes, while potential exemptions can offer significant savings. Comparing the local median property tax rate to the national median of 0.99% provides additional context for evaluating the tax burden in Sherwood.
Average Sherwood Tax Bill
$308
Average Branch County Tax Bill
$638
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Sherwood, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49089 | $94 | $171 | $308 | $517 | $823 |
Source: Ownwell