Waldron, Michigan Property Taxes
The median property tax rate in Waldron, MI is 0.42%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Waldron, the typical annual property tax bill is $407, well below the national median of $2,690. Property taxes in Waldron 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 Waldron'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 Waldron 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
Waldron, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.42%
Estimate Property Tax Bill
$372
Ownwell’s Waldron Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waldron with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waldron 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 Waldron, Michigan
Property taxes in Waldron, Michigan, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Waldron is 0.42%, which is lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Waldron set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waldron 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 Waldron's effective property tax rate to other areas in Michigan and the national median. For comparison, the zip code 49288 has both the highest and lowest median property tax rate of 0.42%. Understanding how these cities compare with Waldron 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 Waldron Tax Rate
0.42%
Average Hillsdale County Tax Rate
0.41%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waldron, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49288 | 0.25% | 0.30% | 0.42% | 0.62% | 0.67% |
Source: Ownwell
Property Tax Assessment Values Across Waldron, Michigan
In Waldron, 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. Assessment notices in Waldron 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 Waldron helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Waldron is $88,531, with the highest and lowest median tax bills both being $407 in the 49288 zip code. This is notably lower than the national median property tax rate of 0.99%.
Average Waldron Assessed Value
$88,531
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 Waldron, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49288 | $32,343 | $54,740 | $88,531 | $160,203 | $313,223 |
Source: Ownwell
Property Tax Bills Across Waldron, Michigan
In Waldron, MI, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value typically represents a percentage of the property's market value. For homeowners in Hillsdale County, the median home price is $88,531. The property tax rate in this region influences the final tax bill, which varies significantly across different percentiles. For instance, the 25th percentile tax bill is around $269, while the 75th percentile tax bill rises to $641. At the 90th percentile, homeowners can expect to pay approximately $964. These variations are influenced by factors such as the property's location, size, and condition. Comparatively, Hillsdale County's median tax bill is $407, which is lower than the national median property tax rate of 0.99%. This relatively low tax burden can be beneficial for homeowners, making Waldron an attractive place for those looking to manage their property expenses effectively.
Average Waldron Tax Bill
$407
Average Hillsdale County Tax Bill
$685
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Waldron, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49288 | $166 | $269 | $407 | $641 | $964 |
Source: Ownwell