Elsie, Michigan Property Taxes
The median property tax rate in Elsie, MI is 0.45%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $138,600 in Elsie, the typical annual property tax bill amounts to $612, which is well below the national median of $2,690. Property taxes in Elsie are calculated based on the tax assessed value, often less than the market value due to exemptions such as those for primary residences and agricultural properties. Familiarizing yourself with Elsie's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you reside in Elsie or another part of Gratiot County, understanding the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Elsie, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.45%
Estimate Property Tax Bill
$624
Ownwell’s Elsie Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elsie with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elsie 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 Elsie, Michigan
Property taxes in Elsie, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elsie is 0.45%, lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Elsie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elsie 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 Elsie's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48831 zip code has the highest median property tax rate of 0.45%, while the 48831 zip code has the lowest median tax rate of 0.45%. Understanding how these cities compare with Elsie 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 Elsie Tax Rate
0.45%
Average Gratiot County Tax Rate
0.33%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elsie, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48831 | 0.33% | 0.36% | 0.45% | 0.56% | 0.62% |
Source: Ownwell
Property Tax Assessment Values Across Elsie, Michigan
In Elsie, 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. 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. The median home price in Elsie is $138,600, with tax bills ranging from $579 at the 25th percentile to $886 at the 90th percentile. 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 Elsie helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Elsie Assessed Value
$138,600
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 Elsie, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48831 | $95,200 | $105,800 | $138,600 | $161,300 | $187,360 |
Source: Ownwell
Property Tax Bills Across Elsie, Michigan
In Elsie, property tax bills are calculated based on the assessed value of the home. The local tax assessor determines this value, which is typically a percentage of the market value. For example, with a median home price of $138,600, the assessed value plays a crucial role in calculating the tax bill. Various factors such as property size, location, and improvements are considered during assessment. Homeowners in Elsie can expect their tax bills to vary significantly. The 25th percentile tax bill is around $579, while the 75th percentile reaches $679, and the 90th percentile can go up to $886. These figures reflect the range of property values and the corresponding taxes. With the highest and lowest median tax bill both being $612, homeowners in Elsie generally face a consistent tax burden. Compared to the national median property tax rate of 0.99%, Elsie's rates are relatively moderate, ensuring that property taxes remain manageable for most residents.
Average Elsie Tax Bill
$612
Average Gratiot County Tax Bill
$380
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Elsie, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48831 | $540 | $579 | $612 | $679 | $886 |
Source: Ownwell