Holly, Michigan Property Taxes
The median property tax rate in Holly, MI is 0.85%, which is lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $396,600 in Holly, the typical annual property tax bill amounts to $3,453, surpassing the national median of $2,690. Property taxes in Holly 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 Holly'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 Holly 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
Holly, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$3,371
$3,128
Ownwell’s HOLLY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in HOLLY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in HOLLY 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 Holly, Michigan
Property taxes in Holly, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Holly is 0.85%, which is lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Holly set these rates annually, and they can vary significantly across different neighborhoods. Each year, Holly 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 Holly's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48442 zip code has the highest median property tax rate of 0.85%, while the same zip code also has the lowest median tax rate of 0.85%. Understanding how these cities compare with Holly 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 Holly Tax Rate
0.85%
Average Livingston County Tax Rate
0.91%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Holly, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48442 | 0.67% | 0.76% | 0.85% | 0.95% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Holly, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Holly, Michigan. 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 Holly, 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. For instance, the highest median tax bill in the area is $3,453 in the 48442 zip code, while the lowest median tax bill is also $3,453 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Holly Assessed Value
$396,600
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 Holly, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48442 | $198,600 | $312,600 | $396,600 | $484,000 | $564,600 |
Source: Ownwell
Property Tax Bills Across Holly, Michigan
In Holly, located in Livingston County, MI, property tax bills are calculated based on the assessed value of a home, which is typically determined by the local assessor's office. The assessed value is usually a percentage of the market value. For instance, if the median home price is $396,600, the assessed value will be a fraction of this amount. The tax rate is then applied to this assessed value to determine the annual property tax bill. Several factors influence the tax bill, including the property’s location, size, and any applicable exemptions. Homeowners in Holly can expect to pay property taxes that range significantly, with the 25th percentile tax bill at $2,373 and the 75th percentile at $4,388. The highest median tax bill recorded in the area is $3,453. These taxes fund essential community services, such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners. Comparing this to the national median property tax rate of 0.99%, Holly's property taxes are a crucial consideration for potential homeowners.
Average Holly Tax Bill
$3,453
Average Livingston County Tax Bill
$2,949
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Holly, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48442 | $1,586 | $2,373 | $3,453 | $4,388 | $5,191 |
Source: Ownwell