Jerome, Michigan Property Taxes
The median property tax rate in Jerome, MI is 0.89%, slightly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Jerome at $242,800, the typical annual property tax bill reaches $2,247, which is below the national median of $2,690. Property taxes in Jerome are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Jerome'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 Jerome 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
Jerome, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$2,161
$2,005
Ownwell’s Jerome Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Jerome with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jerome 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 Jackson County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Jerome, Michigan
Property taxes in Jerome, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jerome is 0.89%, slightly lower than the U.S. national median of 0.99%. Local government entities within Jerome set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jerome 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 Jerome's effective property tax rate to other areas in Jackson County and the national median. For comparison, the zip code 49249 has the highest median property tax rate of 0.89%, while the same zip code also has the lowest median tax rate of 0.89%. Understanding how these cities compare with Jerome 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 Jerome Tax Rate
0.89%
Average Jackson County Tax Rate
0.86%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jerome, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49249 | 0.64% | 0.70% | 0.89% | 1.09% | 1.43% |
Source: Ownwell
Property Tax Assessment Values Across Jerome, Michigan
In Jerome, 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 Jerome, 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 Jerome helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Jerome, the median home price is $242,800, with tax bills ranging from $1,252 at the 25th percentile to $5,280 at the 90th percentile. The zip code 49249 has the highest and lowest median tax bill at $2,247.
Average Jerome Assessed Value
$242,800
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 Jerome, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49249 | $119,480 | $153,000 | $242,800 | $361,800 | $512,080 |
Source: Ownwell
Property Tax Bills Across Jerome, Michigan
In Jerome, located in Jackson County, MI, property tax bills are calculated based on the assessed value of a home, which is typically 50% of its market value. The local property tax rate is then applied to this assessed value. For instance, with a median home price of $242,800, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is around $1,252, while at the 75th percentile, it rises to $3,618, and at the 90th percentile, it can reach up to $5,280. These figures show the range of property tax burdens that homeowners might face. Factors such as property improvements, neighborhood developments, and changes in market conditions can influence the assessed value, thereby affecting the tax bill. Compared to the national median property tax rate of 0.99%, Jerome’s property taxes can vary significantly, impacting homeowners' financial planning and overall cost of living. Notably, the highest and lowest median tax bills in the area are both $2,247, highlighting a consistent tax rate across different properties in the zip code 49249.
Average Jerome Tax Bill
$2,247
Average Jackson County Tax Bill
$1,283
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Jerome, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49249 | $895 | $1,252 | $2,247 | $3,618 | $5,280 |
Source: Ownwell