Genesee, Michigan Property Taxes
The median property tax rate in Genesee, MI is 0.32%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Genesee at $114,300, the typical annual property tax bill is $407, well below the national median of $2,690. Property taxes in Genesee 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 Genesee'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 Genesee 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
Genesee, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.32%
Estimate Property Tax Bill
$366
Ownwell’s Genesee Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Genesee with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Genesee to provide an accurate estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities clearly. For those interested in more granular insights, you can explore trends at the neighborhood level by scrolling down. Your property’s assessed value, determined by the county, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Genesee, Michigan
Property taxes in Genesee, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Genesee is 0.32%, which is significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Genesee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Genesee 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 Genesee's effective property tax rate to other counties in Michigan and the national median. For comparison, the highest median property tax rate in the state is significantly above Genesee's rate, while the lowest median tax rate is also higher than Genesee's. Understanding how these cities compare with Genesee provides valuable insights into the varying tax landscape across Genesee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Genesee Tax Rate
0.32%
Average Genesee County Tax Rate
0.93%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Genesee, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48437 | 0.23% | 0.27% | 0.32% | 0.45% | 0.53% |
Source: Ownwell
Property Tax Assessment Values Across Genesee, Michigan
In Genesee, 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 Genesee 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. 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 Genesee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with the highest median tax bill is 48437 at $407, while the lowest is also 48437 at $407.
Average Genesee Assessed Value
$114,300
Average Genesee County Assessed Value
$139,200
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Genesee, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48437 | $82,060 | $101,600 | $114,300 | $154,450 | $193,200 |
Source: Ownwell
Property Tax Bills Across Genesee, Michigan
In Genesee, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The assessed value is typically a percentage of the market value of the property. For instance, the median home price in Genesee is $114,300. Property tax rates in the area are applied to this assessed value to calculate the tax bill. Factors such as property improvements, location, and changes in the real estate market can influence the assessed value and, consequently, the tax bill. For homeowners, this means that any increase in the market value of their property can lead to higher property taxes. In Genesee, the tax bill varies significantly, with the 25th percentile at $304 and the 90th percentile reaching $687. Comparatively, the national median property tax rate is 0.99%, making Genesee's property tax rates relatively moderate. Homeowners should be aware of these factors as they can impact their annual expenses and overall financial planning.
Average Genesee Tax Bill
$407
Average Genesee County Tax Bill
$1,090
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Genesee, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48437 | $252 | $304 | $407 | $555 | $687 |
Source: Ownwell