Capac, Michigan Property Taxes
The median property tax rate in Capac, MI is 0.47%, considerably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Capac, the typical annual property tax bill reaches $1,133, significantly below the national median of $2,690. Property taxes in Capac 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 Capac'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 Capac 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
Capac, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$1,139
Ownwell’s CAPAC Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in CAPAC with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in CAPAC 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 Capac, Michigan
Property taxes in Capac, Michigan, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Capac is 0.47%, which is lower than the U.S. national median of 0.99%. Local government entities within Capac set these rates annually, and they can vary significantly across different neighborhoods. Each year, Capac 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 Capac's effective property tax rate to other counties in Michigan and the national median. For comparison, the zip code 48014 has both the highest and lowest median property tax rate in the area at 0.47%. Understanding how these cities compare with Capac 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 Capac Tax Rate
0.47%
Average Lapeer County Tax Rate
0.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Capac, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48014 | 0.28% | 0.35% | 0.47% | 0.68% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Capac, Michigan
In Capac, 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 Capac, 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. For instance, the median home price in Capac is $242,400, with the 25th percentile tax bill at $649 and the 75th percentile at $1,583. Notably, the highest and lowest median tax bills are both $1,133 in the zip code 48014. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Capac Assessed Value
$242,400
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 Capac, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48014 | $57,580 | $184,200 | $242,400 | $294,950 | $332,620 |
Source: Ownwell
Property Tax Bills Across Capac, Michigan
In Capac, located in Lapeer County, MI, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. This assessed value is typically a percentage of the property's market value. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions or deductions. In Capac, the median home price is $242,400. Homeowners can expect a wide range in their tax bills, with the 25th percentile at $649 and the 75th percentile at $1,583. The 90th percentile tax bill reaches up to $1,703, reflecting variations in property values and assessments. Homeowners in Capac face property tax rates that are competitive with the national median rate of 0.99%. Understanding these factors can help homeowners anticipate their tax obligations and manage their finances more effectively.
Average Capac Tax Bill
$1,133
Average Lapeer County Tax Bill
$858
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Capac, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48014 | $270 | $649 | $1,133 | $1,583 | $1,703 |
Source: Ownwell