Albion, Michigan Property Taxes
The median property tax rate in Albion, MI is 0.37%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Albion at $152,100, the typical annual property tax bill amounts to $586, which is substantially less than the national median of $2,690. Property taxes in Albion are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Albion'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 Albion 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
Albion, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.37%
Estimate Property Tax Bill
$563
Ownwell’s Albion Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Albion with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Albion 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 Albion, Michigan
Property taxes in Albion, Michigan, play a crucial role in supporting essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Albion is 1.72%, significantly higher than both the Michigan state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Albion set these rates annually, and they can vary significantly across different neighborhoods. Each year, Albion 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 Albion's effective property tax rate to other counties in Michigan and the national median. For comparison, the zip code 49068 has the highest median property tax rate of 2.06%, while the zip code 49224 has the lowest median tax rate of 1.59%. Understanding how these cities compare with Albion provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Albion Tax Rate
0.37%
Average Jackson County Tax Rate
0.86%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Albion, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49224 | 0.29% | 0.34% | 0.37% | 0.45% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Albion, Michigan
In Albion, 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 Jackson 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 Albion, 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 Albion helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 49224 has the highest median tax bill at $586.00, which can be a significant factor for homeowners to consider.
Average Albion Assessed Value
$152,100
Average Jackson County Assessed Value
$149,600
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Albion, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49224 | $69,800 | $97,050 | $152,100 | $225,950 | $322,000 |
Source: Ownwell
Property Tax Bills Across Albion, Michigan
In Albion, located in Jackson County, MI, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The median home price in Albion is $152,100. Homeowners' tax bills can vary significantly, with the 25th percentile tax bill at $347 and the 75th percentile reaching $932. At the higher end, the 90th percentile tax bill is $1,446. Several factors influence these tax bills, including the home's assessed value, the local tax rate, and any applicable exemptions or deductions. The assessed value is typically determined by a local assessor and aims to reflect the property's market value. Homeowners in Albion benefit from relatively moderate property taxes compared to the national median property tax rate of 0.99%. This can make homeownership more affordable and appealing in this area. Understanding these factors can help homeowners better anticipate their annual property tax obligations and manage their finances more effectively.
Average Albion Tax Bill
$586
Average Jackson County Tax Bill
$1,283
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Albion, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49224 | $239 | $347 | $586 | $932 | $1,446 |
Source: Ownwell