Breckenridge, Gratiot County, Michigan Property Taxes
The median property tax rate in Breckenridge, MI is 0.41%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $113,300 in Breckenridge, the typical annual property tax bill amounts to $478, which is well below the national median of $2,690. Property taxes in Breckenridge are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like those for primary residences and agricultural properties. Understanding Breckenridge'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 Breckenridge or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Breckenridge, Gratiot County, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.41%
Estimate Property Tax Bill
$465
$431
Ownwell’s Breckenridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Breckenridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Breckenridge 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 Breckenridge, Gratiot County, Michigan
Property taxes in Breckenridge, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Breckenridge is 1.65%, higher than both the Michigan state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Breckenridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Breckenridge 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 Breckenridge's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48615 zip code has the highest median property tax rate of 1.65%, while the 48615 zip code also has the lowest median tax rate of 1.65%. Understanding how these cities compare with Breckenridge provides valuable insights into the varying tax landscape across Gratiot County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Breckenridge Tax Rate
0.41%
Average Gratiot County Tax Rate
0.33%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Breckenridge, Gratiot County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48615 | 0.27% | 0.33% | 0.41% | 0.51% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Breckenridge, Gratiot County, Michigan
In Breckenridge, 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 Gratiot 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 Breckenridge, 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 Breckenridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $478, found in the 48615 zip code.
Property Tax Assessment Values Across Breckenridge, Gratiot County, Michigan
Source: Ownwell
$68,400
$106,700
$145,000
Average Breckenridge Assessed Value
$113,300
Average Gratiot County Assessed Value
$112,300
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Breckenridge, Gratiot County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48615 | $66,400 | $87,600 | $113,300 | $153,450 | $205,400 |
Source: Ownwell
Property Tax Bills Across Breckenridge, Gratiot County, Michigan
In Breckenridge, property tax bills are calculated based on the assessed value of the home, which is determined by the local assessor's office. The assessed value is typically a percentage of the property's market value. Once the assessed value is established, the local tax rate is applied to determine the tax bill. For example, with a median home price of $113,300 in Breckenridge, homeowners can expect varying tax bills. The 25th percentile tax bill is around $328, while the 75th percentile reaches approximately $636, and the 90th percentile can go up to $892. These figures highlight the range of property tax obligations within the community. Compared to the national median property tax rate of 0.99%, Breckenridge's property tax rates reflect local economic conditions and funding needs for public services. Homeowners in Breckenridge must consider these factors when budgeting for annual expenses, as property taxes directly affect their financial planning and overall cost of homeownership.
Average Breckenridge Tax Bill
$478
Average Gratiot County Tax Bill
$380
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Breckenridge, Gratiot County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48615 | $237 | $328 | $478 | $636 | $892 |
Source: Ownwell