Holt, Michigan Property Taxes
The median property tax rate in Holt, MI is 1.91%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Holt at $190,600, the typical annual property tax bill reaches $3,653, exceeding the national median of $2,690. Property taxes in Holt 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 Holt'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 Holt 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
Holt, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.91%
Estimate Property Tax Bill
$3,640
Ownwell’s Holt Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Holt with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Holt 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 Holt, Michigan
Property taxes in Holt, Michigan, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Holt is 1.91%, significantly higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Holt set these rates annually, and they can vary significantly across different neighborhoods. Each year, Holt 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 Holt's effective property tax rate to other areas in Michigan and the national median. For comparison, the zip code 48842 has both the highest and lowest median property tax rate of 1.91%. Understanding how these areas compare with Holt provides valuable insights into the varying tax landscape across Ingham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Holt Tax Rate
1.91%
Average Ingham County Tax Rate
2.06%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Holt, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48842 | 1.57% | 1.73% | 1.91% | 2.16% | 2.62% |
Source: Ownwell
Property Tax Assessment Values Across Holt, Michigan
In Holt, 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 Ingham 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 Holt, 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. For example, the median home price in Holt is $190,600, with tax bills ranging from $2,484 at the 25th percentile to $6,031 at the 90th percentile. Notably, the zip code 48842 has the highest median tax bill of $3,653. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Holt Assessed Value
$190,600
Average Ingham County Assessed Value
$152,200
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Holt, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48842 | $6,600 | $133,200 | $190,600 | $251,200 | $309,200 |
Source: Ownwell
Property Tax Bills Across Holt, Michigan
In Holt, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the Ingham County Assessor's Office. The assessed value typically represents 50% of the property's market value. For instance, with a median home price of $190,600, the assessed value would be approximately $95,300. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence the final tax bill, including the property's location within specific school districts or special assessment areas, which may have additional levies. Homeowners in Holt can expect tax bills to vary significantly; the 25th percentile tax bill stands at $2,484, while the 75th percentile reaches $4,778. At the high end, the 90th percentile tax bill can be as much as $6,031. These property taxes directly impact homeowners by contributing to local services such as schools, public safety, and infrastructure, making them a critical component of community funding.
Average Holt Tax Bill
$3,653
Average Ingham County Tax Bill
$3,019
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Holt, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48842 | $145 | $2,484 | $3,653 | $4,778 | $6,031 |
Source: Ownwell