Gregory, Michigan Property Taxes
The median property tax rate in Gregory, MI is 0.87%, which is lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Gregory at $245,400, the typical annual property tax bill comes to $2,193, falling below the national median of $2,690. Property taxes in Gregory are calculated based on the tax assessed value, which often is less than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Gregory'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 Gregory 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
Gregory, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$2,135
$1,981
Ownwell’s Gregory Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gregory with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gregory 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 Gregory, Michigan
Property taxes in Gregory, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gregory is 0.87%, which is lower than the U.S. national median of 0.99%. Local government entities within Gregory set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gregory 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 Gregory's effective property tax rate to other areas in Michigan and the national median. For comparison, the zip code 48137 has the highest median property tax rate of 0.87%, while the same zip code also has the lowest median tax rate of 0.87%. Understanding how these cities compare with Gregory 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 Gregory Tax Rate
0.87%
Average Livingston County Tax Rate
0.91%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gregory, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48137 | 0.69% | 0.79% | 0.87% | 1.10% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Gregory, Michigan
In Gregory, 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 Gregory, 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 Gregory helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For example, the highest median tax bill in Gregory is $2,193 in the 48137 zip code, which is also the lowest median tax bill in the area. Understanding these figures can help homeowners gauge their tax responsibilities more accurately.
Average Gregory Assessed Value
$245,400
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 Gregory, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48137 | $112,840 | $170,000 | $245,400 | $320,200 | $389,060 |
Source: Ownwell
Property Tax Bills Across Gregory, Michigan
Property tax bills in Gregory, located in Livingston County, MI, are calculated based on the assessed value of a property, which is typically a percentage of its market value. The tax rate, or millage rate, is then applied to this assessed value to determine the annual tax bill. In Gregory, homeowners face a median property tax rate of 0.89%, slightly below the national median of 0.99%. Several factors influence the tax bill, including property size, location, and improvements. For instance, properties in the 25th percentile of tax bills pay around $1,579 annually, while those in the 75th percentile can see bills as high as $2,868. The top 10% of property tax bills can reach up to $3,684, reflecting higher assessed values or additional property enhancements. These property taxes fund critical local services such as schools, public safety, and infrastructure, directly impacting the community's quality of life. Homeowners in Gregory benefit from relatively moderate property taxes compared to other regions, making it an appealing place for property investment.
Average Gregory Tax Bill
$2,193
Average Livingston County Tax Bill
$2,949
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Gregory, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48137 | $995 | $1,579 | $2,193 | $2,868 | $3,684 |
Source: Ownwell