Montrose, Genesee County, Michigan Property Taxes
The median property tax rate in Montrose, MI is 0.42%, considerably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Montrose, the typical annual property tax bill reaches $850, significantly less than the national median of $2,690. Property taxes in Montrose 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 Montrose'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 Montrose 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
Montrose, Genesee County, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.42%
Estimate Property Tax Bill
$674
$625
Ownwell’s Montrose Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Montrose with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Montrose 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 Montrose, Genesee County, Michigan
Property taxes in Montrose, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Montrose is 0.42%, which is significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Montrose set these rates annually, and they can vary significantly across different neighborhoods. Each year, Montrose 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 Montrose's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48457 zip code has the highest median property tax rate of 0.42%, while the 48457 zip code also has the lowest median tax rate of 0.42%. Understanding how these cities compare with Montrose 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 Montrose Tax Rate
0.42%
Average Genesee County Tax Rate
0.93%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Montrose, Genesee County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48457 | 0.30% | 0.33% | 0.42% | 1.14% | 1.34% |
Source: Ownwell
Property Tax Assessment Values Across Montrose, Genesee County, Michigan
In Montrose, 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 Montrose helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Montrose is $160,400, with the 25th percentile tax bill at $566 and the 75th percentile tax bill at $1,362. The highest and lowest median tax bills in the area are both $850, found in the 48457 zip code.
Property Tax Assessment Values Across Montrose, Genesee County, Michigan
Source: Ownwell
$42,400
$166,700
$291,000
Average Montrose Assessed Value
$160,400
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 Montrose, Genesee County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48457 | $93,200 | $120,600 | $160,400 | $223,800 | $292,840 |
Source: Ownwell
Property Tax Bills Across Montrose, Genesee County, Michigan
In Montrose, MI, property tax bills are calculated based on the assessed value of the home, which is determined by the local tax assessor. This assessed value is typically a percentage of the market value of the property. For example, with a median home price of $160,400 in Montrose, the assessed value would be a fraction of this amount. Once the assessed value is established, the property tax rate is applied to calculate the annual tax bill. The national median property tax rate is 0.99%, but local rates can vary. In Montrose, tax bills can range significantly, with the 25th percentile at $566 and the 75th percentile at $1,362, reflecting the variability in property values and tax rates within the city. For homeowners, this means that their annual tax bill can have a substantial impact on their overall housing costs. Understanding these factors can help homeowners better anticipate their financial responsibilities and plan accordingly.
Average Montrose Tax Bill
$850
Average Genesee County Tax Bill
$1,090
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Montrose, Genesee County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48457 | $419 | $566 | $850 | $1,362 | $1,790 |
Source: Ownwell