North Adams, Michigan Property Taxes
The median property tax rate in North Adams, Michigan is 0.44%, considerably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in North Adams, the typical annual property tax bill reaches $655, significantly below the national median of $2,690. Property taxes in North Adams 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 North Adams' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of North Adams 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
North Adams, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.44%
Estimate Property Tax Bill
$542
Ownwell’s NORTH ADAMS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in NORTH ADAMS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in NORTH ADAMS 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 North Adams, Michigan
Property taxes in North Adams, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Adams is 0.44%, which is significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within North Adams set these rates annually, and they can vary significantly across different neighborhoods. Each year, North Adams 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 North Adams's effective property tax rate to other counties in Michigan and the national median. For comparison, the zip code 49262 has both the highest and lowest median property tax rate of 0.44%. Understanding how these areas compare with North Adams 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 North Adams Tax Rate
0.44%
Average Hillsdale County Tax Rate
0.41%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across North Adams, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49262 | 0.28% | 0.33% | 0.44% | 0.72% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across North Adams, Michigan
In North Adams, 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 North Adams, 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 North Adams 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 $655.00, found in zip code 49262.
Average North Adams Assessed Value
$123,134
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 North Adams, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49262 | $46,604 | $77,195 | $123,134 | $208,044 | $339,472 |
Source: Ownwell
Property Tax Bills Across North Adams, Michigan
In North Adams, property tax bills are calculated based on the assessed value of a home, which is determined by the Hillsdale County Assessor. The assessed value is a percentage of the property's market value, and this figure is then multiplied by the local tax rate to determine the final tax bill. For instance, with a median home price of $123,134, homeowners can expect a range of tax bills depending on various factors. The 25th percentile tax bill is around $415, while the 75th percentile tax bill reaches approximately $958. At the higher end, the 90th percentile tax bill can be as much as $1,296. These tax bills are influenced by several factors, including property improvements, neighborhood developments, and changes in the local tax rate. For homeowners, understanding these elements is crucial since property taxes represent a significant annual expense. Compared to the national median property tax rate of 0.99%, North Adams offers a relatively affordable range, making it an attractive option for potential homeowners.
Average North Adams Tax Bill
$655
Average Hillsdale County Tax Bill
$685
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across North Adams, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49262 | $195 | $415 | $655 | $958 | $1,296 |
Source: Ownwell