Portage, Michigan Property Taxes
The median property tax rate in Portage, MI is 1.60%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Portage, the typical annual property tax bill reaches $3,523, exceeding the national median of $2,690. Property taxes in Portage are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Portage'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 Portage 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
Portage, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.6%
Estimate Property Tax Bill
$3,491
Ownwell’s Portage Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Portage with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Portage 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 Portage, Michigan
Property taxes in Portage, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Portage is 1.60%, higher than the U.S. national median of 0.99%. Local government entities within Portage set these rates annually, and they can vary significantly across different neighborhoods. Each year, Portage 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 Portage's effective property tax rate to other areas in Kalamazoo County and the national median. For comparison, the 49024 zip code has the highest median property tax rate of 1.62%, while the 49002 zip code has the lowest median tax rate of 1.57%. Understanding how these areas compare with Portage provides valuable insights into the varying tax landscape across Kalamazoo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Portage Tax Rate
1.60%
Average Kalamazoo County Tax Rate
0.87%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Portage, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49002 | 1.21% | 1.40% | 1.57% | 1.81% | 2.00% |
| 49024 | 1.35% | 1.46% | 1.62% | 1.84% | 2.00% |
Source: Ownwell
Property Tax Assessment Values Across Portage, Michigan
In Portage, 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 Kalamazoo 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 Portage, 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. For instance, the highest median tax bill in Portage is $3,709 in the 49024 zip code, while the lowest median tax bill is $3,168 in the 49002 zip code. 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 Portage helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Portage Assessed Value
$218,200
Average Kalamazoo County Assessed Value
$197,650
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Portage, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49002 | $120,800 | $148,800 | $195,200 | $294,100 | $460,200 |
| 49024 | $145,600 | $173,400 | $229,800 | $297,800 | $391,740 |
Source: Ownwell
Property Tax Bills Across Portage, Michigan
In Portage, MI, property tax bills are calculated based on the assessed value of a home, which is typically 50% of its market value. For instance, with a median home price of $218,200, the assessed value would be approximately $109,100. The local tax rate is then applied to this assessed value to determine the tax bill. Various factors such as property location, improvements, and exemptions can influence the assessed value. In Kalamazoo County, where Portage is located, property tax bills can vary significantly. The tax bill at the 25th percentile is around $2,573, while at the 75th percentile, it can reach $4,953. The highest median tax bill in the area is $3,709 in the 49024 zip code, compared to the lowest median tax bill of $3,168 in the 49002 zip code. These figures illustrate how property taxes can impact homeowners differently, potentially affecting affordability and financial planning. The national median property tax rate is 0.99%, providing a benchmark for comparison.
Average Portage Tax Bill
$3,523
Average Kalamazoo County Tax Bill
$1,531
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Portage, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49002 | $1,820 | $2,313 | $3,168 | $4,749 | $6,929 |
| 49024 | $2,206 | $2,795 | $3,709 | $5,066 | $6,981 |
Source: Ownwell