Bay Port, Michigan Property Taxes
The median property tax rate in Bay Port, MI is 1.43%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Bay Port at $83,600, the typical annual property tax bill reaches $1,247, exceeding the national median of $2,690. Property taxes in Bay Port 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 Bay Port'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 Bay Port 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
Bay Port, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.43%
Estimate Property Tax Bill
$1,195
Ownwell’s Bay Port Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Bay Port. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Bay Port to provide an accurate estimate of your property tax bill. This valuable tool offers clear insight into potential tax liabilities, helping you plan your finances better. For those interested in more detailed trends at the neighborhood level, additional localized information is available further down the page. Your property’s assessed value, determined by the county, is used for these calculations, taking into account any applicable exemptions.
Property Tax Rates Across Bay Port, Michigan
Property taxes in Bay Port, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bay Port is 1.43%, significantly higher than both the Michigan state median of 1.31% and the U.S. national median of 0.99%. Local government entities within Bay Port set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bay Port 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 Bay Port's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48720 zip code has the highest median property tax rate of 1.43%, while the 48720 zip code also has the lowest median tax rate of 1.43%. Understanding how these cities compare with Bay Port provides valuable insights into the varying tax landscape across Huron County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bay Port Tax Rate
1.43%
Average Huron County Tax Rate
1.19%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bay Port, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48720 | 0.94% | 1.13% | 1.43% | 1.98% | 2.50% |
Source: Ownwell
Property Tax Assessment Values Across Bay Port, Michigan
In Bay Port, 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 Huron 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 Bay Port, 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. The zip code 48720 has the highest and lowest median tax bill at $1,247. Being aware of these valuation processes in Bay Port helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bay Port Assessed Value
$83,600
Average Huron County Assessed Value
$119,000
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bay Port, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48720 | $29,320 | $51,600 | $83,600 | $132,100 | $190,080 |
Source: Ownwell
Property Tax Bills Across Bay Port, Michigan
In Bay Port, located in Huron County, MI, property tax bills are determined based on the assessed value of a home. The assessed value is typically a percentage of the property's market value, which is determined by local assessors. Homeowners in Bay Port can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is around $892, while at the 75th percentile, it reaches $1761. At the 90th percentile, homeowners might see tax bills as high as $2508. The median home price in Bay Port is $83,600, placing the property tax rate in the area above the national median of 0.99%. This variation in tax bills is influenced by factors such as property size, location, and market conditions. High property taxes can impact homeowners by increasing their monthly expenses, but they also contribute to local services and infrastructure, enhancing community living standards.
Average Bay Port Tax Bill
$1,247
Average Huron County Tax Bill
$1,405
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Bay Port, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48720 | $599 | $892 | $1,247 | $1,761 | $2,508 |
Source: Ownwell