Wyoming, Michigan Property Taxes
The median property tax rate in Wyoming, MI is 1.15%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Wyoming, the typical annual property tax bill reaches $2,355, slightly below the national median of $2,690. Property taxes in Wyoming 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 Wyoming'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 Wyoming 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
Wyoming, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.15%
Estimate Property Tax Bill
$2,332
$2,164
Ownwell’s Wyoming Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Wyoming with just two data points. By inputting your property's estimated assessed value, the calculator uses the median tax rate in Wyoming to provide an accurate estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities. For those interested in more localized trends, additional neighborhood-specific information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Wyoming, Michigan
Property taxes in Wyoming, Michigan, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Wyoming is 1.15%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Wyoming set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wyoming 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 Wyoming's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49418 zip code has the highest median property tax rate of 1.35%, while the 49509 zip code has the lowest median tax rate of 1.09%. Understanding how these cities compare with Wyoming 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 Wyoming Tax Rate
1.15%
Average Kent County Tax Rate
0.89%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wyoming, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49418 | 1.15% | 1.23% | 1.35% | 1.50% | 1.65% |
| 49509 | 0.84% | 0.93% | 1.09% | 1.40% | 1.65% |
| 49519 | 0.89% | 0.97% | 1.10% | 1.37% | 1.56% |
Source: Ownwell
Property Tax Assessment Values Across Wyoming, Michigan
In Wyoming, 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 Wyoming, 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. Notably, the highest median tax bill in Wyoming is $4,397 in the 49418 zip code, while the lowest median tax bill is $2,010 in the 49509 zip code. Being aware of these valuation processes in Wyoming helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wyoming Assessed Value
$202,800
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 Wyoming, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49418 | $239,400 | $280,700 | $323,400 | $372,500 | $431,720 |
| 49509 | $139,000 | $159,400 | $183,000 | $208,400 | $254,200 |
| 49519 | $160,400 | $188,200 | $214,800 | $255,600 | $323,440 |
Source: Ownwell
Property Tax Bills Across Wyoming, Michigan
In Wyoming, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the Kent County assessor's office. The assessed value is typically 50% of the property's market value. For example, with a median home price of $202,800, the assessed value would be approximately $101,400. The property tax rate is then applied to this assessed value to determine the tax bill. Several factors influence the final tax bill, including the property’s location, size, and any applicable exemptions. Homeowners in Wyoming, MI, can expect their tax bills to vary widely. For instance, the 25th percentile tax bill is around $1,813, while the 75th percentile tax bill reaches $3,300. At the 90th percentile, tax bills can be as high as $4,486. These property taxes significantly impact homeowners, contributing to the overall cost of owning a home. Compared to the national median property tax rate of 0.99%, Wyoming, MI, homeowners might find their tax rates relatively high, affecting their annual budgeting and long-term financial planning.
Average Wyoming Tax Bill
$2,355
Average Kent County Tax Bill
$2,321
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Wyoming, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49418 | $3,155 | $3,796 | $4,397 | $5,257 | $6,268 |
| 49509 | $1,415 | $1,657 | $2,010 | $2,691 | $3,378 |
| 49519 | $1,648 | $1,944 | $2,432 | $3,216 | $4,179 |
Source: Ownwell