Coleman, Michigan Property Taxes
The median property tax rate in Coleman, MI is 1.02%, slightly higher than the national median of 0.99% but lower than the Michigan state median of 1.07%. With a median home value in Coleman of $124,800, the typical annual property tax bill is approximately $1,236, which is below the national median of $2,690. Property taxes in Coleman are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Coleman'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 Coleman or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Coleman, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$1,273
$1,181
Ownwell’s Coleman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Coleman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Coleman 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 Coleman, Michigan
Property taxes in Coleman, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Coleman is 1.02%, which is higher than the U.S. national median of 0.99%. Local government entities within Coleman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Coleman 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 Coleman's effective property tax rate to other areas in Isabella County and the national median. For comparison, the 48618 zip code has the highest median property tax rate of 1.02%, while the same zip code also has the lowest median tax rate of 1.02%. Understanding how these cities compare with Coleman provides valuable insights into the varying tax landscape across Isabella County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Coleman Tax Rate
1.02%
Average Isabella County Tax Rate
0.80%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Coleman, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48618 | 0.73% | 0.87% | 1.02% | 1.21% | 1.55% |
Source: Ownwell
Property Tax Assessment Values Across Coleman, Michigan
Understanding the distinction between "market value" and "assessed value" is essential for navigating property taxes in Coleman, Michigan. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Isabella County Appraisal District for tax purposes. On the other hand, 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 Coleman, 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 these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. In Coleman, the zip code 48618 has the highest median tax bill at $1,236. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Coleman Assessed Value
$124,800
Average Isabella County Assessed Value
$140,600
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Coleman, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48618 | $50,320 | $87,400 | $124,800 | $164,400 | $223,560 |
Source: Ownwell
Property Tax Bills Across Coleman, Michigan
In Coleman, located in Isabella County, MI, property tax bills are calculated based on the assessed value of a home, which is typically determined as a percentage of the market value. Homeowners in Coleman can expect a median home price of $124,800. The property tax rate in the area plays a crucial role in determining the final tax bill. Various factors influence the tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. For instance, the 25th percentile tax bill in Coleman is around $899, while the 75th percentile tax bill reaches $1656. At the 90th percentile, homeowners could see tax bills as high as $2234. These property tax bills significantly impact homeowners by influencing their overall housing costs. Comparatively, the national median property tax rate stands at 0.99%, making it essential for homeowners to understand how local rates and assessed values affect their annual tax obligations.
Average Coleman Tax Bill
$1,236
Average Isabella County Tax Bill
$1,118
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Coleman, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48618 | $568 | $899 | $1,236 | $1,656 | $2,234 |
Source: Ownwell