Tipton, Michigan Property Taxes
The median property tax rate in Tipton, MI is 1.03%, slightly higher than the national median of 0.99% but lower than Michigan's state median of 1.07%. With a median home value of $247,000 in Tipton, the typical annual property tax bill is $2,449, which is below the national median of $2,690. Property taxes in Tipton are calculated based on the assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Tipton'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 Tipton or another part of Lenawee County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tipton, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$2,544
Ownwell’s Tipton Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Tipton. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Tipton to provide an accurate estimate of your property tax bill. This valuable resource helps you understand your potential tax liabilities with ease. For those interested in more detailed trends at the neighborhood level, additional localized information is available by scrolling down. Your property’s assessed value, determined by Lenawee County, is used for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Tipton, Michigan
Property taxes in Tipton, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tipton is 1.03%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Tipton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tipton 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 Tipton's effective property tax rate to other areas in Michigan and the national median. For comparison, the 49287 zip code has the highest median property tax rate of 1.03%, while the same zip code also has the lowest median tax rate of 1.03%. Understanding how these areas compare with Tipton provides valuable insights into the varying tax landscape across Lenawee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tipton Tax Rate
1.03%
Average Lenawee County Tax Rate
1.14%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tipton, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49287 | 0.62% | 0.83% | 1.03% | 1.13% | 1.58% |
Source: Ownwell
Property Tax Assessment Values Across Tipton, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Tipton, MI. 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 Lenawee 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 Tipton, 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 Tipton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price stands at $247,000, with the highest and lowest median tax bills both recorded at $2,449 in the 49287 zip code.
Average Tipton Assessed Value
$247,000
Average Lenawee County Assessed Value
$168,800
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tipton, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49287 | $69,600 | $155,000 | $247,000 | $340,100 | $470,200 |
Source: Ownwell
Property Tax Bills Across Tipton, Michigan
In Tipton, Lenawee County, MI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The tax rate, known as the millage rate, is applied to this assessed value to determine the annual property tax bill. Various factors influence this calculation, including local government budgets, public service funding needs, and school district requirements. For a median home price of $247,000, homeowners in Tipton can expect their tax bill to vary significantly. The 25th percentile tax bill is around $1,613, while the 75th percentile tax bill reaches up to $3,299. At the 90th percentile, the tax bill can be as high as $4,773. These figures illustrate the potential range of property tax burdens, which can impact homeowners' financial planning and overall cost of living. Compared to the national median property tax rate of 0.99%, Tipton's tax rates reflect the specific fiscal needs and policies of Lenawee County, ensuring that local services and infrastructure are adequately funded.
Average Tipton Tax Bill
$2,449
Average Lenawee County Tax Bill
$2,184
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Tipton, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49287 | $700 | $1,613 | $2,449 | $3,299 | $4,773 |
Source: Ownwell