Byron, Michigan Property Taxes
The median property tax rate in Byron, MI is 0.76%, which is notably lower than both the national median of 0.99% and Michigan's state median of 1.07%. With a median home value of $282,410 in Byron, the typical annual property tax bill amounts to $1,965, falling below the national median of $2,690. Property taxes in Byron are determined based on the assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Byron'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 Byron or another part of Livingston County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Byron, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$2,146
$1,992
Ownwell’s Byron Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Byron with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Byron 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 Byron, Michigan
Property taxes in Byron, Michigan, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Byron is 0.76%, which is lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Byron set these rates annually, and they can vary significantly across different neighborhoods. Each year, Byron 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 Byron's effective property tax rate to other counties in Michigan and the national median. For comparison, the zip code 48418 has both the highest and lowest median property tax rate of 0.76%. Understanding how these areas compare with Byron provides valuable insights into the varying tax landscape across Livingston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Byron Tax Rate
0.76%
Average Livingston County Tax Rate
0.91%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Byron, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48418 | 0.45% | 0.50% | 0.76% | 0.87% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Byron, Michigan
In Byron, 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 Livingston 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 Byron, 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. For instance, the median home price in Byron is $282,410, with tax bills ranging from $1,502 at the 25th percentile to $3,309 at the 90th percentile. The highest and lowest median tax bills both stand at $1,965 in the 48418 zip code. By understanding 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 Byron helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Byron Assessed Value
$282,410
Average Livingston County Assessed Value
$315,781
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Byron, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48418 | $202,594 | $238,970 | $282,410 | $341,985 | $468,960 |
Source: Ownwell
Property Tax Bills Across Byron, Michigan
In Byron, Livingston County, MI, property tax bills are determined based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Byron is $282,410. The property tax rate in this area is then applied to the assessed value to calculate the annual tax bill. Factors such as local tax rates and any applicable exemptions or deductions can influence the final amount. For instance, tax bills in Byron range from $1,502 at the 25th percentile to $3,309 at the 90th percentile, with a median of $2,628. This means homeowners in Byron generally pay more than the national median property tax rate of 0.99%, highlighting the importance of understanding local tax assessments. Homeowners should be aware that higher property values and tax rates directly impact their annual tax obligations, potentially making property tax appeals a valuable option for reducing their financial burden.
Average Byron Tax Bill
$1,965
Average Livingston County Tax Bill
$2,949
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Byron, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48418 | $1,235 | $1,502 | $1,965 | $2,628 | $3,309 |
Source: Ownwell