North Branch, Michigan Property Taxes
The median property tax rate in North Branch, MI is 0.33%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in North Branch being $194,600, the typical annual property tax bill is $713, well below the national median of $2,690. Property taxes in North Branch are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding North Branch'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 North Branch 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
North Branch, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.33%
Estimate Property Tax Bill
$642
Ownwell’s North Branch Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in North Branch with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in North Branch 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 North Branch, Michigan
Property taxes in North Branch, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in North Branch is 1.54%, significantly higher than both the Michigan state median of 1.31% and the U.S. national median of 0.99%. Local government entities within North Branch set these rates annually, and they can vary significantly across different neighborhoods. Each year, North Branch 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 North Branch's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48446 zip code has the highest median property tax rate of 1.54%, while the 48412 zip code has the lowest median tax rate of 1.10%. Understanding how these cities compare with North Branch 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 North Branch Tax Rate
0.33%
Average Lapeer County Tax Rate
0.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across North Branch, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48461 | 0.25% | 0.28% | 0.33% | 0.42% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across North Branch, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in North Branch, Michigan. 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 North Branch, 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 North Branch helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in North Branch is $194,600, with tax bills ranging from $483 at the 25th percentile to $1,373 at the 90th percentile. The zip code 48461 has both the highest and lowest median tax bill at $713.
Average North Branch Assessed Value
$194,600
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 North Branch, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48461 | $87,240 | $133,800 | $194,600 | $263,200 | $346,560 |
Source: Ownwell
Property Tax Bills Across North Branch, Michigan
In North Branch, MI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For a median home price of $194,600, various factors such as the local tax rate, property characteristics, and exemptions play a role in determining the final tax bill. Homeowners in North Branch can expect their annual property tax bills to range significantly. At the 25th percentile, the tax bill is around $483, while at the 75th percentile, it reaches approximately $993. The 90th percentile sees tax bills as high as $1,373. These values indicate that while some homeowners may find their property tax bills manageable, others might face a more substantial financial burden. Compared to the national median property tax rate of 0.99%, North Branch’s tax rates can vary, impacting homeowners differently depending on their property's assessed value and eligibility for exemptions. This variability underscores the importance of understanding local tax assessments and potential savings through appeals or exemptions.
Average North Branch Tax Bill
$713
Average Lapeer County Tax Bill
$858
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across North Branch, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48461 | $304 | $483 | $713 | $993 | $1,373 |
Source: Ownwell