Lennon, Michigan Property Taxes
The median property tax rate in Lennon, MI is 0.39%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Lennon, the typical annual property tax bill reaches $759, well below the national median of $2,690. Property taxes in Lennon 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 Lennon'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 Lennon 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
Lennon, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$790
Ownwell’s Lennon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lennon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lennon 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 Lennon, Michigan
Property taxes in Lennon, Michigan, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lennon is 0.39%, significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Lennon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lennon 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 Lennon's effective property tax rate to other counties in Michigan and the national median. For comparison, the highest median property tax rate in Genesee County is significantly higher than Lennon's, while other areas within the county also show variability in their tax rates. Understanding how these cities compare with Lennon 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 Lennon Tax Rate
0.39%
Average Genesee County Tax Rate
0.93%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lennon, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48449 | 0.30% | 0.33% | 0.39% | 0.47% | 0.54% |
Source: Ownwell
Property Tax Assessment Values Across Lennon, Michigan
In Lennon, 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. In Lennon, 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 Lennon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lennon is $202,600, with tax bills ranging from $618 at the 25th percentile to $1,469 at the 90th percentile. The zip code 48449 has both the highest and lowest median tax bill, recorded at $759.
Average Lennon Assessed Value
$202,600
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 Lennon, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48449 | $120,400 | $150,600 | $202,600 | $252,000 | $319,000 |
Source: Ownwell
Property Tax Bills Across Lennon, Michigan
In Lennon, Genesee County, MI, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value typically represents a percentage of the property's market value, and this figure is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $202,600, homeowners can expect their property tax bills to vary. The 25th percentile tax bill is around $618, while the 75th percentile reaches $1,070, and the 90th percentile climbs to $1,469. These tax bills are influenced by multiple factors, including property improvements, neighborhood developments, and changes in market conditions. Compared to the national median property tax rate of 0.99%, the tax burden in Lennon can significantly impact household budgets, making it essential for homeowners to stay informed about their property assessments and potential exemptions. Understanding these elements can help homeowners plan their finances more effectively and potentially reduce their tax liabilities.
Average Lennon Tax Bill
$759
Average Genesee County Tax Bill
$1,090
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Lennon, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48449 | $460 | $618 | $759 | $1,070 | $1,469 |
Source: Ownwell