Vicksburg, Michigan Property Taxes
The median property tax rate in Vicksburg, MI is 1.08%, slightly higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Vicksburg at $194,200, the typical annual property tax bill reaches $2,251, which is below the national median of $2,690. Property taxes in Vicksburg are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Vicksburg'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 Vicksburg or another part of Kalamazoo County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Vicksburg, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$2,097
$1,946
Ownwell’s Vicksburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vicksburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vicksburg 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 Vicksburg, Michigan
Property taxes in Vicksburg, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Vicksburg is 1.08%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Vicksburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Vicksburg 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 Vicksburg's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49097 zip code has the highest median property tax rate of 1.08%, while the 49097 zip code also has the lowest median tax rate of 1.08%. Understanding how these cities compare with Vicksburg 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 Vicksburg Tax Rate
1.08%
Average Kalamazoo County Tax Rate
0.87%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Vicksburg, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49097 | 0.51% | 0.87% | 1.08% | 1.57% | 1.92% |
Source: Ownwell
Property Tax Assessment Values Across Vicksburg, Michigan
In Vicksburg, 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 Vicksburg, 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 Vicksburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $2,251 in the 49097 zip code.
Average Vicksburg Assessed Value
$194,200
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 Vicksburg, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49097 | $61,000 | $124,800 | $194,200 | $272,700 | $415,840 |
Source: Ownwell
Property Tax Bills Across Vicksburg, Michigan
In Vicksburg, located in Kalamazoo County, MI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For example, with a median home price of $194,200, homeowners can expect a tax bill that varies significantly based on their property's assessed value and any applicable exemptions. Factors such as property improvements, neighborhood changes, and market trends can influence the assessed value, thereby affecting the tax bill. In Vicksburg, the tax bill at the 25th percentile is around $1,205, while at the 75th percentile, it rises to approximately $3,474. For those at the 90th percentile, the tax bill can be as high as $4,981. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners to understand how local assessments and rates impact their financial obligations.
Average Vicksburg Tax Bill
$2,251
Average Kalamazoo County Tax Bill
$1,531
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Vicksburg, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49097 | $497 | $1,205 | $2,251 | $3,474 | $4,981 |
Source: Ownwell