Lowell, Michigan Property Taxes
The median property tax rate in Lowell, MI is 0.40%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $209,200 in Lowell, the typical annual property tax bill is $896, well below the national median of $2,690. Property taxes in Lowell are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Lowell's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Lowell 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
Lowell, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$837
Ownwell’s Lowell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lowell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lowell 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 Lowell, Michigan
Property taxes in Lowell, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lowell is 0.40%, significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Lowell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lowell 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 Lowell's effective property tax rate to other counties in Michigan and the national median. For comparison, the highest median property tax rate in the state is found in zip code 48009, where the rate stands at 1.78%, while the lowest median tax rate is in zip code 49971, at 0.28%. Understanding how these cities compare with Lowell provides valuable insights into the varying tax landscape across Ionia County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lowell Tax Rate
0.40%
Average Ionia County Tax Rate
0.49%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lowell, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49331 | 0.33% | 0.36% | 0.40% | 0.50% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Lowell, Michigan
In Lowell, 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 Ionia 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 Lowell, 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 Lowell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 49331 has both the highest and lowest median tax bill at $896.
Average Lowell Assessed Value
$209,200
Average Ionia County Assessed Value
$146,400
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lowell, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49331 | $88,680 | $141,800 | $209,200 | $292,600 | $356,720 |
Source: Ownwell
Property Tax Bills Across Lowell, Michigan
Property tax bills in Lowell, located in Ionia County, MI, are calculated based on the assessed value of a property, which is determined by local assessors. The assessed value is typically a percentage of the property's market value. In Lowell, the median home price is $209,200. Property tax rates are applied to this assessed value to determine the tax bill. Several factors influence the final tax bill, including the property's location, its assessed value, and any applicable exemptions or deductions. For instance, homeowners in Lowell might see tax bills ranging from $594 at the 25th percentile to $1,751 at the 90th percentile. The median tax bill in the area is $896, which is below the national median property tax rate of 0.99%. For homeowners, understanding these factors is crucial as it directly impacts their annual expenses. Accurate assessments and awareness of potential exemptions can significantly affect the affordability and financial planning related to property ownership in Lowell.
Average Lowell Tax Bill
$896
Average Ionia County Tax Bill
$910
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Lowell, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49331 | $388 | $594 | $896 | $1,276 | $1,751 |
Source: Ownwell