Cohoctah, Michigan Property Taxes
The median property tax rate in Cohoctah, MI is 0.62%, which is considerably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $181,400 in Cohoctah, the typical annual property tax bill is $1,213, significantly below the national median of $2,690. Property taxes in Cohoctah are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cohoctah'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 Cohoctah or another part of Livingston County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cohoctah, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$1,125
$1,044
Ownwell’s Cohoctah Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cohoctah with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cohoctah 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 Cohoctah, Michigan
Property taxes in Cohoctah, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cohoctah is 0.62%, lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Cohoctah set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cohoctah 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 Cohoctah's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48816 zip code has both the highest and lowest median property tax rate of 0.62%. Understanding how these cities compare with Cohoctah 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 Cohoctah Tax Rate
0.62%
Average Livingston County Tax Rate
0.91%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cohoctah, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48816 | 0.42% | 0.55% | 0.62% | 0.81% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Cohoctah, Michigan
In Cohoctah, 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. 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 Cohoctah 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 bill is 48816, with a median tax bill of $1,213.
Average Cohoctah Assessed Value
$181,400
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 Cohoctah, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48816 | $118,000 | $141,200 | $181,400 | $271,000 | $313,120 |
Source: Ownwell
Property Tax Bills Across Cohoctah, Michigan
In Cohoctah, property tax bills are calculated based on the assessed value of your home, which is determined by the Livingston County Assessor. The median home price in Cohoctah is $181,400. Property taxes are then levied according to the local tax rate, which is a percentage of the assessed value. For example, homes at the 25th percentile have tax bills around $974, while those at the 75th percentile see bills closer to $1,479. At the 90th percentile, tax bills can reach up to $1,848. These taxes fund essential community services such as schools, public safety, and infrastructure. The impact on homeowners can vary; those with higher-value homes typically face higher tax bills, which can affect their overall financial planning. Compared to the national median property tax rate of 0.99%, Cohoctah's tax rates reflect the local economic conditions and public service needs, ensuring that the community remains well-supported.
Average Cohoctah Tax Bill
$1,213
Average Livingston County Tax Bill
$2,949
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Cohoctah, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48816 | $765 | $974 | $1,213 | $1,479 | $1,848 |
Source: Ownwell