Farwell, Michigan Property Taxes
The median property tax rate in Farwell, MI is 1.00%, which is slightly higher than the national median of 0.99% but lower than the Michigan state median of 1.07%. With the median home value in Farwell at $120,600, the typical annual property tax bill amounts to $1,192, which is below the national median of $2,690. Property taxes in Farwell are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Farwell'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 Farwell 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
Farwell, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$1,206
Ownwell’s Farwell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farwell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farwell 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 Farwell, Michigan
Property taxes in Farwell, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farwell is 1.00%, slightly higher than the U.S. national median of 0.99%. Local government entities within Farwell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farwell 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 Farwell's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48622 zip code has both the highest and lowest median property tax rate of 1.00%. Understanding how these cities compare with Farwell 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 Farwell Tax Rate
1.00%
Average Isabella County Tax Rate
0.80%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farwell, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48622 | 0.67% | 0.83% | 1.00% | 1.23% | 1.81% |
Source: Ownwell
Property Tax Assessment Values Across Farwell, Michigan
In Farwell, Michigan, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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 Isabella 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 Farwell, 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 Farwell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Farwell is $120,600, with tax bills ranging from $821 at the 25th percentile to $2,258 at the 90th percentile. The zip code 48622 has the highest and lowest median tax bill, both at $1,192.
Average Farwell Assessed Value
$120,600
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 Farwell, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48622 | $42,800 | $76,600 | $120,600 | $178,800 | $243,360 |
Source: Ownwell
Property Tax Bills Across Farwell, Michigan
In Farwell, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value typically represents a percentage of the property's market value. Homeowners in Farwell can expect their tax bills to vary significantly, with the 25th percentile at $821 and the 75th percentile reaching $1,597. At the 90th percentile, tax bills can climb to $2,258. Several factors influence the tax bill, including property size, location, and improvements made to the home. The median home price in Farwell is $120,600, and the local tax rate is applied to this assessed value to determine the final bill. Compared to the national median property tax rate of 0.99%, the tax burden in Farwell can be considered moderate. For homeowners, understanding these factors is crucial as they directly impact the affordability and financial planning associated with owning property in this region.
Average Farwell Tax Bill
$1,192
Average Isabella County Tax Bill
$1,118
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Farwell, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48622 | $466 | $821 | $1,192 | $1,597 | $2,258 |
Source: Ownwell