Lowell, Michigan Property Taxes
The median property tax rate in Lowell, Michigan is 0.82%, which is lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Lowell at $287,600, the typical annual property tax bill amounts to $2,417, falling below the national median of $2,690. Property taxes in Lowell are calculated based on the tax assessed value, which often is lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Lowell'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 Lowell 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
Lowell, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.82%
Estimate Property Tax Bill
$2,358
$2,188
Ownwell’s Lowell Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lowell with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lowell 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 Lowell, Michigan
Property taxes in Lowell, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lowell is 0.82%, slightly lower than the U.S. national median of 0.99%. Local government entities within Lowell set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lowell 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 Lowell's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49331 zip code has the highest median property tax rate of 0.82%, while the same zip code also has the lowest median tax rate of 0.82%. Understanding how these cities compare with Lowell 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 Lowell Tax Rate
0.82%
Average Kent County Tax Rate
0.89%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lowell, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49331 | 0.61% | 0.67% | 0.82% | 1.03% | 1.38% |
Source: Ownwell
Property Tax Assessment Values Across Lowell, Michigan
In Lowell, 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 Lowell, 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 Lowell helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lowell is $287,600, with the highest and lowest median tax bills both recorded at $2,417 in the 49331 zip code.
Average Lowell Assessed Value
$287,600
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 Lowell, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49331 | $159,280 | $204,800 | $287,600 | $394,100 | $535,560 |
Source: Ownwell
Property Tax Bills Across Lowell, Michigan
In Lowell, located in Kent County, MI, property tax bills are calculated based on the assessed value of the property, 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 homeowners in Lowell, the median home price is $287,600, and property tax bills can range significantly. At the 25th percentile, the tax bill is approximately $1,814, while at the 75th percentile, it rises to around $3,320. For those at the 90th percentile, it can go up to $4,482. These tax bills directly impact homeowners by affecting their annual housing costs. Compared to the national median property tax rate of 0.99%, the property tax rate in Lowell can be seen as relatively moderate. However, the exact amount each homeowner pays can vary widely based on the specific assessed value of their property and the applicable local tax rate. This system ensures that property taxes are proportionate to the value of the property, thereby distributing the tax burden more equitably among homeowners.
Average Lowell Tax Bill
$2,417
Average Kent County Tax Bill
$2,321
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Lowell, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49331 | $1,320 | $1,814 | $2,417 | $3,320 | $4,482 |
Source: Ownwell