Albion, Michigan Property Taxes
The median property tax rate in Albion, MI is 1.24%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Albion, the typical annual property tax bill reaches $1,176, exceeding the national median of $2,690. Property taxes in Albion 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 Albion'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 Albion 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
Albion, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.24%
Estimate Property Tax Bill
$1,084
$1,006
Ownwell’s Albion Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Albion with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Albion 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 Albion, Michigan
Property taxes in Albion, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Albion is 1.24%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Albion set these rates annually, and they can vary significantly across different neighborhoods. Each year, Albion 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 Albion's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49224 zip code has the highest median property tax rate of 1.24%, while the 49224 zip code also has the lowest median tax rate of 1.24%. Understanding how these cities compare with Albion provides valuable insights into the varying tax landscape across Calhoun County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Albion Tax Rate
1.24%
Average Calhoun County Tax Rate
1.36%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Albion, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49224 | 0.81% | 1.01% | 1.24% | 1.64% | 2.03% |
Source: Ownwell
Property Tax Assessment Values Across Albion, Michigan
In Albion, 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 Calhoun 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 Albion, 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 Albion helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median property tax bill in Albion is $1,176, consistent across the zip code 49224.
Average Albion Assessed Value
$87,400
Average Calhoun County Assessed Value
$125,045
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Albion, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49224 | $40,600 | $60,600 | $87,400 | $140,650 | $231,080 |
Source: Ownwell
Property Tax Bills Across Albion, Michigan
In Albion, located in Calhoun County, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is typically a percentage of the property's market value. For instance, with a median home price of $87,400, the assessed value is used to determine the tax liability. The property tax rate in Albion is applied to this assessed value to calculate the annual tax bill. Various factors, such as property improvements or changes in market conditions, can influence the assessed value, thereby affecting the tax bill. Homeowners in Albion can expect tax bills to vary significantly; the 25th percentile tax bill is around $803, while the 75th percentile tax bill is approximately $1,749. For those at the higher end, the 90th percentile tax bill reaches $2,714. Compared to the national median property tax rate of 0.99%, Albion’s rates result in diverse tax bills, impacting homeowners differently based on their property’s assessed value.
Average Albion Tax Bill
$1,176
Average Calhoun County Tax Bill
$1,916
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Albion, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49224 | $580 | $803 | $1,176 | $1,749 | $2,714 |
Source: Ownwell