Homer, Michigan Property Taxes
The median property tax rate in Homer, MI is 1.15%, which is considerably higher than both the national median of 0.99% and Michigan's state median of 1.07%. With the median home value in Homer at $91,160, the typical annual property tax bill reaches $849, which is below the national median of $2,690. Property taxes in Homer are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Homer'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 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, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.15%
Estimate Property Tax Bill
$1,048
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, Michigan
Property taxes in Homer, Michigan, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Homer is 1.15%, which is higher than 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 areas within Calhoun County and the national median. For comparison, the zip code 49245 has the highest median property tax rate of 1.15%, while the same zip code also has the lowest median tax rate of 1.15%. Understanding how these areas compare with Homer 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 Homer Tax Rate
1.15%
Average Calhoun County Tax Rate
1.36%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Homer, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49245 | 0.71% | 0.89% | 1.15% | 1.42% | 1.98% |
Source: Ownwell
Property Tax Assessment Values Across Homer, 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 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 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 $849.
Average Homer Assessed Value
$91,160
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 Homer, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49245 | $1,600 | $7,600 | $91,160 | $160,600 | $285,804 |
Source: Ownwell
Property Tax Bills Across Homer, Michigan
In Homer, located in Calhoun County, MI, property tax bills are calculated based on the assessed value of the home, which is a percentage of its market value. The median home price in Homer is $91,160. Homeowners can expect a wide range of property tax bills depending on their property's assessed value and the specific tax rates applied by local taxing authorities. For instance, tax bills in the 25th percentile are around $99, while those in the 75th percentile reach up to $1,596. The highest tax bills, in the 90th percentile, can go up to $2,759. The median property tax bill in the 49245 zip code stands at $849, which reflects the typical tax burden for homeowners in this area. Given that the national median property tax rate is 0.99%, Homer's tax bills can significantly impact homeowners' finances. Higher assessed values and local tax rates can lead to substantial annual payments, influencing both affordability and long-term financial planning for residents.
Average Homer Tax Bill
$849
Average Calhoun County Tax Bill
$1,916
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Homer, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49245 | $22 | $99 | $849 | $1,596 | $2,759 |
Source: Ownwell