Waldron, Michigan Property Taxes
The median property tax rate in Waldron, MI is 0.95%, slightly below both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Waldron, the typical annual property tax bill amounts to $2,306, which is under the national median of $2,690. Property taxes in Waldron are determined based on the tax assessed value, often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. By comprehending Waldron's property tax system and exploring available exemptions, homeowners and real estate investors can identify opportunities for substantial annual savings. Whether you're situated in Waldron or another part of Lenawee County, understanding the local property tax system is crucial for maximizing financial benefits.
Last Updated June 14, 2024
Waldron, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$1,971
$1,829
Ownwell’s Waldron Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waldron with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waldron 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 Waldron, Michigan
Property taxes in Waldron, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waldron is 0.95%, which is slightly below the U.S. national median of 0.99%. Local government entities within Waldron set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waldron 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 Waldron's effective property tax rate to other areas in Michigan and the national median. For comparison, the 49288 zip code has both the highest and lowest median property tax rate of 0.95%. Understanding how these areas compare with Waldron 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 Waldron Tax Rate
0.95%
Average Lenawee County Tax Rate
1.14%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waldron, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49288 | 0.56% | 0.67% | 0.95% | 1.14% | 1.44% |
Source: Ownwell
Property Tax Assessment Values Across Waldron, Michigan
In Waldron, 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 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 Waldron, 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 Waldron helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bills is 49288, both at $2306.
Average Waldron Assessed Value
$207,500
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 Waldron, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49288 | $103,500 | $113,650 | $207,500 | $624,650 | $844,100 |
Source: Ownwell
Property Tax Bills Across Waldron, Michigan
In Waldron, located in 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 local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For instance, the median home price in Waldron is $207,500, and property tax bills can vary widely within the region. Homeowners in the 25th percentile can expect a tax bill of around $1,443, while those in the 75th percentile may see bills as high as $3,678. At the 90th percentile, tax bills can reach up to $6,123. These property taxes contribute to local services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Comparatively, Waldron's property tax rate aligns closely with the national median rate of 0.99%, ensuring homeowners receive valuable services for their contributions.
Average Waldron Tax Bill
$2,306
Average Lenawee County Tax Bill
$2,184
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Waldron, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49288 | $951 | $1,443 | $2,306 | $3,678 | $6,123 |
Source: Ownwell