Belmont, Michigan Property Taxes
The median property tax rate in Belmont, MI is 0.76%, which is significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $346,900 in Belmont, the typical annual property tax bill is $2,615, just below the national median of $2,690. Property taxes in Belmont are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Belmont's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Belmont or another part of Kent County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Belmont, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$2,636
$2,447
Ownwell’s Belmont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Belmont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Belmont 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 Belmont, Michigan
Property taxes in Belmont, Michigan, are essential in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Belmont is 0.76%, which is lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Belmont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Belmont 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 Belmont's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49306 zip code has both the highest and lowest median property tax rate of 0.76%. Understanding how these areas compare with Belmont 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 Belmont Tax Rate
0.76%
Average Kent County Tax Rate
0.89%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Belmont, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49306 | 0.58% | 0.65% | 0.76% | 0.91% | 1.01% |
Source: Ownwell
Property Tax Assessment Values Across Belmont, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Belmont, Michigan. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated 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 Belmont, 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. Belmont's median home price is $346,900, with property tax bills ranging from $1,859 at the 25th percentile to $4,953 at the 90th percentile. The zip code 49306 has the highest and lowest median tax bill at $2,615. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Belmont Assessed Value
$346,900
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 Belmont, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49306 | $211,980 | $266,450 | $346,900 | $456,800 | $571,640 |
Source: Ownwell
Property Tax Bills Across Belmont, Michigan
In Belmont, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is a percentage of the property's market value, and it forms the basis for the tax rate applied. Homeowners in Belmont can expect varying tax bills depending on the value of their property. For instance, the median home price in Belmont is $346,900. Property tax bills in Belmont range widely, with the 25th percentile at $1,859 and the 75th percentile at $3,873, while those at the 90th percentile can reach up to $4,953. These tax bills are influenced by several factors, including local government budgets, school funding requirements, and public service needs. Compared to the national median property tax rate of 0.99%, Belmont's rates reflect the specific fiscal needs and property values of the area. This can significantly impact homeowners, as higher property values generally result in higher tax bills, affecting their overall financial planning and homeownership costs.
Average Belmont Tax Bill
$2,615
Average Kent County Tax Bill
$2,321
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Belmont, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49306 | $1,449 | $1,859 | $2,615 | $3,873 | $4,953 |
Source: Ownwell