Almont, Michigan Property Taxes
The median property tax rate in Almont, MI is 0.45%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Almont, the typical annual property tax bill reaches $1,378, which is well below the national median of $2,690. Property taxes in Almont 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 Almont'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 Almont 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
Almont, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.45%
Estimate Property Tax Bill
$1,184
Ownwell’s Almont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Almont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Almont 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 Almont, Michigan
Property taxes in Almont, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Almont is 0.45%, which is lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Almont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Almont 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 Almont's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48003 zip code has both the highest and lowest median property tax rate of 0.45%. Understanding how these cities compare with Almont provides valuable insights into the varying tax landscape across Lapeer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Almont Tax Rate
0.45%
Average Lapeer County Tax Rate
0.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Almont, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48003 | 0.28% | 0.32% | 0.45% | 0.97% | 1.23% |
Source: Ownwell
Property Tax Assessment Values Across Almont, Michigan
In Almont, 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 Lapeer 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 Almont, 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. Almont's median home price stands at $263,200, with the 25th percentile tax bill at $909 and the 75th percentile tax bill at $1,987. The highest and lowest median tax bill in the area is $1,378, both occurring in the 48003 zip code. Being aware of these valuation processes in Almont helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Almont Assessed Value
$263,200
Average Lapeer County Assessed Value
$215,800
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Almont, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48003 | $94,440 | $172,400 | $263,200 | $351,600 | $453,280 |
Source: Ownwell
Property Tax Bills Across Almont, Michigan
In Almont, located in Lapeer County, MI, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $263,200, homeowners can expect varying tax bills. The 25th percentile tax bill is around $909, while the 75th percentile reaches $1,987, and the 90th percentile can go up to $2,780. The tax rate in Almont is influenced by local government budgets and school district funding needs, among other factors. This means that changes in community services or school funding can directly impact the amount homeowners need to pay. Compared to the national median property tax rate of 0.99%, Almont's rates can be seen as relatively moderate. These property taxes are crucial for maintaining essential public services, but they also represent a significant expense for homeowners, affecting their overall cost of living and financial planning.
Average Almont Tax Bill
$1,378
Average Lapeer County Tax Bill
$858
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Almont, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48003 | $521 | $909 | $1,378 | $1,987 | $2,780 |
Source: Ownwell