Jerome, Michigan Property Taxes
The median property tax rate in Jerome, MI is 0.41%, considerably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Jerome being $210,244, the typical annual property tax bill is $905, well below the national median of $2,690. Property taxes in Jerome 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 Jerome'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 Jerome 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
Jerome, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.41%
Estimate Property Tax Bill
$862
Ownwell’s Jerome Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Jerome with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jerome 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 Jerome, Michigan
Property taxes in Jerome, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jerome is 0.41%, which is significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Jerome set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jerome 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 Jerome's effective property tax rate to other areas in Michigan and the national median. For comparison, the zip code 49249 has the same median property tax rate of 0.41%, highlighting a consistent tax landscape within the region. Understanding how these areas compare with Jerome provides valuable insights into the varying tax landscape across Hillsdale County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Jerome Tax Rate
0.41%
Average Hillsdale County Tax Rate
0.41%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jerome, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49249 | 0.28% | 0.35% | 0.41% | 0.54% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Jerome, Michigan
In Jerome, 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 Hillsdale 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 Jerome, 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 Jerome is $210,244. The property tax bills can vary significantly, with the 25th percentile tax bill at $541 and the 75th percentile at $1,534. Interestingly, the highest and lowest median tax bills are both $905, found in the 49249 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and find opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Jerome Assessed Value
$210,244
Average Hillsdale County Assessed Value
$141,139
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Jerome, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49249 | $70,110 | $130,822 | $210,244 | $327,706 | $435,111 |
Source: Ownwell
Property Tax Bills Across Jerome, Michigan
In Jerome, Hillsdale County, MI, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the market value of the property, and this figure is then multiplied by the local tax rate to determine the annual tax bill. The median home price in Jerome is $210,244, with property tax bills varying significantly. For example, the 25th percentile tax bill is $541, while the 75th percentile reaches $1,534, and the 90th percentile can be as high as $2,670. These taxes fund essential local services such as schools, public safety, and infrastructure. Homeowners in Jerome should be aware that their property tax bills can fluctuate based on changes in their property's assessed value and adjustments in the local tax rate. Compared to the national median property tax rate of 0.99%, Jerome's tax bills reflect a range that can impact household budgets significantly, depending on the home's assessed value and specific tax rate applied.
Average Jerome Tax Bill
$905
Average Hillsdale County Tax Bill
$685
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Jerome, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49249 | $249 | $541 | $905 | $1,534 | $2,670 |
Source: Ownwell