Bailey, Michigan Property Taxes
The median property tax rate in Bailey, MI is 0.88%, which is lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $153,000, the typical annual property tax bill in Bailey reaches $1,345, falling below the national median of $2,690. Property taxes in Bailey are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bailey'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 Bailey 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
Bailey, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$1,346
$1,249
Ownwell’s Bailey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bailey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bailey 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 Bailey, Michigan
Property taxes in Bailey, Michigan, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bailey is 0.88%, slightly below the U.S. national median of 0.99%. Local government entities within Bailey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bailey 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 Bailey's effective property tax rate to other areas in Michigan and the national median. For comparison, the zip code 49303 has both the highest and lowest median property tax rate of 0.88%. Understanding how these areas compare with Bailey provides valuable insights into the varying tax landscape across Kent County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bailey Tax Rate
0.88%
Average Kent County Tax Rate
0.89%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bailey, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49303 | 0.88% | 0.88% | 0.88% | 0.88% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Bailey, Michigan
In Bailey, 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 Kent 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 Bailey, 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 median home price in Bailey is $153,000, with the highest and lowest median tax bills both being $1,345 in the 49303 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 Bailey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bailey Assessed Value
$153,000
Average Kent County Assessed Value
$248,400
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bailey, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49303 | $153,000 | $153,000 | $153,000 | $153,000 | $153,000 |
Source: Ownwell
Property Tax Bills Across Bailey, Michigan
In Bailey, Michigan, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The assessed value is typically a percentage of the market value of the property. For instance, if the median home price in Bailey is $153,000, the assessed value would be a fraction of this amount as determined by local regulations. The property tax rate in Bailey is then applied to this assessed value to determine the annual tax bill. Homeowners in Bailey can expect their tax bills to fall around $1,345, which is consistent across different percentiles, including the 25th, 75th, and 90th percentiles. This uniformity suggests a stable tax rate in the area, providing predictability for homeowners. Compared to the national median property tax rate of 0.99%, Bailey's tax rate can be considered moderate. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents.
Average Bailey Tax Bill
$1,345
Average Kent County Tax Bill
$2,321
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Bailey, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49303 | $1,345 | $1,345 | $1,345 | $1,345 | $1,345 |
Source: Ownwell