Greenbush, Michigan Property Taxes
The median property tax rate in Greenbush, MI is 3.26%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $66,500 in Greenbush, the typical annual property tax bill reaches $2,106, slightly below the national median of $2,690. Property taxes in Greenbush 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 Greenbush'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 Greenbush 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
Greenbush, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.26%
Estimate Property Tax Bill
$2,168
Ownwell’s Greenbush Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Greenbush with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Greenbush 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 Greenbush, Michigan
Property taxes in Greenbush, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Greenbush is 3.26%, significantly higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Greenbush set these rates annually, and they can vary significantly across different neighborhoods. Each year, Greenbush 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 Greenbush's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48738 zip code has the highest median property tax rate of 3.26%, while the 48738 zip code also has the lowest median tax rate of 3.26%. Understanding how these cities compare with Greenbush provides valuable insights into the varying tax landscape across Iosco County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Greenbush Tax Rate
3.26%
Average Iosco County Tax Rate
2.40%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Greenbush, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48738 | 1.76% | 2.03% | 3.26% | 3.80% | 4.17% |
Source: Ownwell
Property Tax Assessment Values Across Greenbush, Michigan
In Greenbush, 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 Iosco 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 Greenbush, 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. The median home price in Greenbush is $66,500, with tax bills ranging significantly. For instance, the 25th percentile tax bill is $1,065, while the 75th percentile tax bill is $3,088, and the 90th percentile tax bill is $4,314. Notably, the highest and lowest median tax bills in the area are both $2,106, found in the 48738 zip code. 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 Greenbush helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Greenbush Assessed Value
$66,500
Average Iosco County Assessed Value
$51,600
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Greenbush, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48738 | $25,710 | $39,550 | $66,500 | $98,600 | $138,530 |
Source: Ownwell
Property Tax Bills Across Greenbush, Michigan
In Greenbush, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the Iosco County assessor. The assessed value is a percentage of the market value of the property. For instance, if the median home price is $66,500, the assessed value will be a fraction of this amount. The local tax rate is then applied to this assessed value to calculate the annual property tax bill. Several factors influence the tax bill, including the market value of the property, local tax rates, and any applicable exemptions or deductions. Homeowners in Greenbush can expect a wide range of tax bills. For example, the 25th percentile tax bill is $1,065, while the 75th percentile tax bill is $3,088. At the higher end, the 90th percentile tax bill reaches $4,314. These tax bills can significantly impact homeowners' finances, making it essential to understand how they are calculated and what factors can influence them.
Average Greenbush Tax Bill
$2,106
Average Iosco County Tax Bill
$1,150
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Greenbush, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48738 | $726 | $1,065 | $2,106 | $3,088 | $4,314 |
Source: Ownwell