Homer, Michigan Property Taxes
The median property tax rate in Homer, MI is 0.39%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $175,300 in Homer, the typical annual property tax bill is around $673, well below the national median of $2,690. Property taxes in Homer 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 Homer's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to considerable annual savings. Whether you're in the heart of Homer or another part of Jackson County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Homer, Michigan Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$2,140
Ownwell’s Homer Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Homer with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Homer 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 Homer, Michigan
Property taxes in Homer, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Homer is 1.78%, significantly higher than both the Michigan state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Homer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Homer 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 Homer's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48170 zip code has the highest median property tax rate of 2.46%, while the 49021 zip code has the lowest median tax rate of 1.32%. Understanding how these cities compare with Homer 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 Homer Tax Rate
0.39%
Average Jackson County Tax Rate
0.86%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Homer, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49245 | 0.33% | 0.36% | 0.39% | 0.43% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Homer, Michigan
In Homer, 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 Homer, 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 Homer helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Homer are both $673, associated with the zip code 49245.
Average Homer Assessed Value
$175,300
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 Homer, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49245 | $111,000 | $135,000 | $175,300 | $236,800 | $263,740 |
Source: Ownwell
Property Tax Bills Across Homer, Michigan
In Homer, Michigan, property tax bills are calculated based on the assessed value of a home, which is typically 50% of the market value. For instance, with a median home price of $175,300, the assessed value would be approximately $87,650. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence this calculation, including the property's market value, local tax rates, and any applicable exemptions. Homeowners in Homer can expect their tax bills to vary; the 25th percentile tax bill is $464, while the 75th percentile reaches $857, and the 90th percentile goes up to $1,127. These property taxes fund essential services such as public schools, infrastructure, and emergency services, directly impacting the community's quality of life. Comparatively, the property tax rate in Homer is competitive, given the national median property tax rate of 0.99%. For residents, understanding these factors is crucial for financial planning and ensuring they take advantage of any available tax exemptions.
Average Homer Tax Bill
$673
Average Jackson County Tax Bill
$1,283
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Homer, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49245 | $437 | $464 | $673 | $857 | $1,127 |
Source: Ownwell