South Branch, Michigan Property Taxes
The median property tax rate in South Branch, MI is 2.72%, significantly higher than both the national median of 0.99% and Michigan's state median of 1.07%. With a median home value of $47,500 in South Branch, the typical annual property tax bill amounts to $1,084, surpassing the national median of $2,690. Property taxes in South Branch are determined based on the assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. By understanding South Branch's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're residing in South Branch or investing in the area, a thorough grasp of the local property tax landscape is essential for financial planning and maximizing returns.
Last Updated June 14, 2024
South Branch, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.72%
Estimate Property Tax Bill
$1,292
$1,199
Ownwell’s South Branch Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in South Branch with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South Branch 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 South Branch, Michigan
Property taxes in South Branch, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in South Branch is 2.72%, significantly higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within South Branch set these rates annually, and they can vary significantly across different neighborhoods. Each year, South Branch 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 South Branch's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48761 zip code has the highest median property tax rate of 2.72%, while the same zip code also has the lowest median tax rate of 2.72%. Understanding how these cities compare with South Branch 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 South Branch Tax Rate
2.72%
Average Iosco County Tax Rate
2.40%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Branch, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48761 | 1.47% | 1.76% | 2.72% | 3.08% | 3.49% |
Source: Ownwell
Property Tax Assessment Values Across South Branch, Michigan
In South Branch, 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 South Branch, 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 highest median tax bill in the area is $1,084 in the 48761 zip code, while the lowest is also $1,084 in the same 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 South Branch helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average South Branch Assessed Value
$47,500
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 South Branch, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48761 | $14,500 | $24,850 | $47,500 | $75,450 | $105,420 |
Source: Ownwell
Property Tax Bills Across South Branch, Michigan
Property tax bills in South Branch, Iosco County, MI, are calculated based on the assessed value of a property, which typically reflects a percentage of its market value. In this area, the median home price is $47,500. Property taxes are then determined by applying the local tax rate to this assessed value. Homeowners in South Branch can expect tax bills that vary significantly depending on their property's valuation. For example, tax bills at the 25th percentile are around $642, while those at the 75th percentile reach approximately $1,803. The 90th percentile sees tax bills as high as $2,496. Compared to the national median property tax rate of 0.99%, these figures illustrate the range of financial impact on homeowners in South Branch. Factors such as property improvements, local government budgets, and school funding needs also influence the final tax bill. Understanding these variables helps homeowners anticipate their property tax obligations and budget accordingly.
Average South Branch Tax Bill
$1,084
Average Iosco County Tax Bill
$1,150
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across South Branch, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48761 | $408 | $642 | $1,084 | $1,803 | $2,496 |
Source: Ownwell