Gagetown, Michigan Property Taxes
The median property tax rate in Gagetown, MI is 1.00%, slightly above the national median of 0.99% but below Michigan’s state median of 1.07%. With the median home value in Gagetown at $121,500, the typical annual property tax bill reaches $1,350, which is lower than the national median of $2,690. Property taxes in Gagetown are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Gagetown’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 Gagetown or another part of Huron County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gagetown, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$1,215
Ownwell’s Gagetown Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Gagetown using just two data points. By inputting your property's estimated assessed value, the calculator utilizes the median tax rate in Gagetown to provide an accurate estimate of your property tax bill. This tool offers a clear understanding of your potential tax obligations. For those interested in more granular trends, you can scroll down for detailed neighborhood-level information. Your property’s assessed value, determined by the county, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Gagetown, Michigan
Property taxes in Gagetown, Michigan, are essential for funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Gagetown is 1.00%, which is higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Gagetown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gagetown 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 Gagetown's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48735 zip code has both the highest and lowest median property tax rate of 1.00%. Understanding how these cities compare with Gagetown 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 Gagetown Tax Rate
1.00%
Average Huron County Tax Rate
1.19%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gagetown, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48735 | 0.72% | 0.78% | 1.00% | 1.33% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Gagetown, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Gagetown, Michigan. 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 Gagetown, 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 Gagetown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Gagetown is $121,500, with tax bills ranging from $966 at the 25th percentile to $2,041 at the 90th percentile. The zip code with the highest and lowest median tax bill is 48735, both at $1,350.
Average Gagetown Assessed Value
$121,500
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 Gagetown, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48735 | $62,300 | $84,900 | $121,500 | $171,050 | $231,560 |
Source: Ownwell
Property Tax Bills Across Gagetown, Michigan
In Gagetown, property tax bills are calculated based on the assessed value of a home, which is determined by the Huron County assessor. The assessed value is a percentage of the market value of the property. Homeowners in this region typically see a median home price of $121,500. The tax rate is applied to this assessed value to determine the annual property tax bill. Factors influencing the tax bill include the property's location, size, and any improvements made to the home. In Gagetown, the 25th percentile of tax bills is around $966, while the 75th percentile reaches $1,665, and the 90th percentile can go up to $2,041. These figures can significantly impact homeowners' finances, especially when compared to the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their tax obligations and plan their budgets accordingly, ensuring they are prepared for their annual property tax bill.
Average Gagetown Tax Bill
$1,350
Average Huron County Tax Bill
$1,405
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Gagetown, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48735 | $663 | $966 | $1,350 | $1,665 | $2,041 |
Source: Ownwell