Litchfield, Michigan Property Taxes
The median property tax rate in Litchfield, MI is 0.60%, considerably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Litchfield, the typical annual property tax bill reaches $793, significantly below the national median of $2,690. Property taxes in Litchfield 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 Litchfield'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 Litchfield 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
Litchfield, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$722
Ownwell’s Litchfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Litchfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Litchfield 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 Litchfield, Michigan
Property taxes in Litchfield, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Litchfield is 0.60%, lower than the U.S. national median of 0.99%. Local government entities within Litchfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Litchfield 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 Litchfield's effective property tax rate to other areas in Michigan and the national median. For comparison, the 49252 zip code has the highest median property tax rate of 0.60%, while the 49252 zip code also has the lowest median tax rate of 0.60%. Understanding how these areas compare with Litchfield 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 Litchfield Tax Rate
0.60%
Average Hillsdale County Tax Rate
0.41%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Litchfield, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49252 | 0.32% | 0.41% | 0.60% | 0.93% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Litchfield, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Litchfield, MI. 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 Litchfield, 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 Litchfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with the highest median tax bill is 49252, with a median tax bill of $793.
Average Litchfield Assessed Value
$120,353
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 Litchfield, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49252 | $52,044 | $85,334 | $120,353 | $167,943 | $265,504 |
Source: Ownwell
Property Tax Bills Across Litchfield, Michigan
In Litchfield, MI, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. This assessed value is typically a percentage of the market value of the home. For instance, the median home price in Litchfield is $120,353. The tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property improvements, neighborhood changes, and market conditions can influence the assessed value. Homeowners in Litchfield can expect a wide range of tax bills, with the 25th percentile paying around $498 and the 75th percentile paying up to $1,169 annually. The highest median tax bill in the area is $793, which is significantly lower than the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, public safety, and infrastructure, impacting the quality of life for homeowners. Understanding these factors can help homeowners better anticipate their annual tax obligations.
Average Litchfield Tax Bill
$793
Average Hillsdale County Tax Bill
$685
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Litchfield, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49252 | $281 | $498 | $793 | $1,169 | $1,614 |
Source: Ownwell