Farwell, Michigan Property Taxes
The median property tax rate in Farwell, MI is 0.39%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $119,984 in Farwell, the typical annual property tax bill is $500, which is well below the national median of $2,690. Property taxes in Farwell are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Farwell'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 Farwell 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
Farwell, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$468
$434
Ownwell’s Farwell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farwell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farwell 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 Farwell, Michigan
Property taxes in Farwell, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farwell is 1.40%, significantly higher than both the Michigan state median of 1.31% and the U.S. national median of 0.99%. Local government entities within Farwell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farwell 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 Farwell's effective property tax rate to other counties in Michigan and the national median. For comparison, 49601 has the highest median property tax rate of 1.51%, while 49858 has the lowest median tax rate of 0.97%. Understanding how these cities compare with Farwell provides valuable insights into the varying tax landscape across Clare County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farwell Tax Rate
0.39%
Average Clare County Tax Rate
0.40%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farwell, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48622 | 0.32% | 0.36% | 0.39% | 0.43% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Farwell, Michigan
In Farwell, 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 Clare 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 Farwell, 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 Farwell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Farwell's highest and lowest median tax bills are both $500, found in the 48622 zip code.
Average Farwell Assessed Value
$119,984
Average Clare County Assessed Value
$85,200
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Farwell, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48622 | $34,622 | $73,580 | $119,984 | $177,200 | $238,932 |
Source: Ownwell
Property Tax Bills Across Farwell, Michigan
In Farwell, MI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. For instance, homeowners in Farwell can expect their property tax bills to vary significantly depending on their property's assessed value. Factors influencing the tax bill include the home's location, size, and any improvements made to the property. The median home price in Farwell is $119,984, and property tax rates in Clare County reflect this valuation. Homeowners in the 25th percentile of tax bills pay around $311 annually, while those in the 75th percentile face tax bills of approximately $720. At the higher end, the 90th percentile tax bill reaches $990. These figures highlight the range of property tax obligations homeowners may encounter. Compared to the national median property tax rate of 0.99%, Farwell's property tax rates can be relatively moderate, offering potential savings for homeowners. Understanding these factors helps residents anticipate their annual property tax obligations and plan their finances accordingly.
Average Farwell Tax Bill
$500
Average Clare County Tax Bill
$399
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Farwell, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48622 | $147 | $311 | $500 | $720 | $990 |
Source: Ownwell