Davison, Michigan Property Taxes
The median property tax rate in Davison, MI is 0.32%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $262,200 in Davison, the typical annual property tax bill is $848, which is far below the national median of $2,690. Property taxes in Davison are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Davison'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 Davison or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Davison, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.32%
Estimate Property Tax Bill
$839
$779
Ownwell’s Davison Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Davison with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Davison 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 Davison, Michigan
Property taxes in Davison, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Davison is 1.54%, which is significantly higher than both the Michigan state median of 1.31% and the U.S. national median of 0.99%. Local government entities within Davison set these rates annually, and they can vary significantly across different neighborhoods. Each year, Davison 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 Davison's effective property tax rate to other counties in Michigan and the national median. For comparison, the highest median property tax rate in Michigan is 2.78%, while the lowest median tax rate is 0.32%. Understanding how these cities compare with Davison 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 Davison Tax Rate
0.32%
Average Lapeer County Tax Rate
0.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Davison, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48423 | 0.26% | 0.30% | 0.32% | 0.34% | 0.43% |
Source: Ownwell
Property Tax Assessment Values Across Davison, Michigan
In Davison, 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 Davison, 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, in Davison, the median home price is $262,200, and the median tax bill is $848, with the same value for both the highest and lowest median tax bills in zip code 48423. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Davison Assessed Value
$262,200
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 Davison, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48423 | $157,720 | $190,500 | $262,200 | $335,100 | $439,720 |
Source: Ownwell
Property Tax Bills Across Davison, Michigan
In Davison, located in Lapeer County, MI, property tax bills are calculated based on the assessed value of a home, which is typically around 50% of its market value. For instance, with a median home price of $262,200, the assessed value would be approximately $131,100. The local tax rate is then applied to this assessed value to determine the annual property tax bill. Several factors influence the tax bill, including property improvements, neighborhood changes, and local government budgets. Homeowners in Davison can expect their property tax bills to vary, with the 25th percentile at $580 and the 75th percentile at $1,119. For those in the 90th percentile, the tax bill can reach up to $1,312. These property taxes are crucial for funding public services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Davison’s rates provide a balanced approach to maintaining essential community services while considering homeowners' financial responsibilities.
Average Davison Tax Bill
$848
Average Lapeer County Tax Bill
$858
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Davison, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48423 | $457 | $580 | $848 | $1,119 | $1,312 |
Source: Ownwell