Loretto, Michigan Property Taxes
The median property tax rate in Loretto, MI is 0.83%, which is notably lower than both the national median of 0.99% and Michigan's state median of 1.07%. With a median home value of $63,000 in Loretto, the typical annual property tax bill amounts to $656, significantly below the national median of $2,690. Property taxes in Loretto are determined based on the tax assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural land. Navigating Loretto's property tax system, exploring available exemptions, and finding opportunities for reductions can result in substantial annual savings. Whether you're residing in the heart of Loretto or another part of the city, understanding the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Loretto, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$523
Ownwell’s Loretto Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Loretto with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Loretto 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 Loretto, Michigan
Property taxes in Loretto, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Loretto is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Loretto set these rates annually, and they can vary significantly across different neighborhoods. Each year, Loretto 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 Loretto's effective property tax rate to other counties in Michigan and the national median. For comparison, the highest and lowest median property tax rates in Dickinson County both stand at 0.83%, the same as Loretto's rate. Understanding how these cities compare with Loretto provides valuable insights into the varying tax landscape across Dickinson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Loretto Tax Rate
0.83%
Average Dickinson County Tax Rate
1.46%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Loretto, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49852 | 0.59% | 0.69% | 0.83% | 0.92% | 1.56% |
Source: Ownwell
Property Tax Assessment Values Across Loretto, Michigan
In Loretto, 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 Dickinson 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 Loretto, 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. With a median home price of $63,000, the property tax bills can vary significantly. For instance, the 25th percentile tax bill is around $423, while the 75th percentile reaches $920, and the 90th percentile is $1229. The zip code 49852 has both the highest and lowest median tax bill at $656. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Loretto Assessed Value
$63,000
Average Dickinson County Assessed Value
$85,400
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Loretto, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49852 | $27,020 | $49,950 | $63,000 | $106,150 | $145,420 |
Source: Ownwell
Property Tax Bills Across Loretto, Michigan
In Loretto, Dickinson County, MI, property tax bills are calculated based on the assessed value of the property, which is determined by the local tax assessor. This assessed value generally reflects a percentage of the property's market value. For instance, with a median home price of $63,000, the assessed value forms the basis for the tax calculation. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions or deductions. In Loretto, the tax bills can vary significantly. Homeowners at the 25th percentile pay around $423, while those at the 75th percentile face bills closer to $920. At the 90th percentile, the tax bill can reach up to $1,229. These variations highlight the impact of property value assessments and local tax rates on homeowners. Compared to the national median property tax rate of 0.99%, Loretto's tax landscape can present both challenges and opportunities for property owners.
Average Loretto Tax Bill
$656
Average Dickinson County Tax Bill
$1,193
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Loretto, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49852 | $205 | $423 | $656 | $920 | $1,229 |
Source: Ownwell