Silverwood, Michigan Property Taxes
The median property tax rate in Silverwood, MI is 0.31%, significantly lower than both the national median of 0.99% and Michigan's state median of 1.07%. With the median home value in Silverwood at $146,800, the typical annual property tax bill amounts to $468, which is well below the national median of $2,690. Property taxes in Silverwood are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Silverwood'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 Silverwood 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
Silverwood, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.31%
Estimate Property Tax Bill
$455
$422
Ownwell’s Silverwood Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Silverwood with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Silverwood to project your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more granular trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Silverwood, Michigan
Property taxes in Silverwood, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Silverwood is 0.31%, significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Silverwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Silverwood 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 Silverwood's effective property tax rate to other counties in Michigan and the national median. For comparison, the highest median property tax rate in the region is found in ZIP code 48003, with a rate of 1.85%, while ZIP code 48416 has the lowest median tax rate at 0.97%. Understanding how these cities compare with Silverwood 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 Silverwood Tax Rate
0.31%
Average Lapeer County Tax Rate
0.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Silverwood, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48760 | 0.23% | 0.26% | 0.31% | 0.38% | 0.49% |
Source: Ownwell
Property Tax Assessment Values Across Silverwood, Michigan
In Silverwood, 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 Silverwood, 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 Silverwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Silverwood, the highest median tax bill is $468 in the 48760 zip code, while the lowest median tax bill is also $468 in the same zip code.
Average Silverwood Assessed Value
$146,800
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 Silverwood, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48760 | $66,000 | $101,900 | $146,800 | $205,500 | $289,200 |
Source: Ownwell
Property Tax Bills Across Silverwood, Michigan
In Silverwood, located in Lapeer County, MI, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For example, with a median home price of $146,800, the tax bills vary significantly across different percentiles. At the 25th percentile, homeowners can expect to pay around $301, while those at the 75th percentile face a tax bill of approximately $684. The top 10% of homeowners encounter even higher bills, with the 90th percentile reaching up to $958. These tax bills directly impact homeowners by influencing their overall housing costs. Higher property taxes can make homeownership more expensive, potentially affecting affordability and the local real estate market. The median property tax rate in Silverwood is competitive when compared to the national median of 0.99%, offering a relatively balanced approach to property taxation in the region.
Average Silverwood Tax Bill
$468
Average Lapeer County Tax Bill
$858
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Silverwood, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48760 | $182 | $301 | $468 | $684 | $958 |
Source: Ownwell