South Lyon, Michigan Property Taxes
The median property tax rate in South Lyon, MI is 0.99%, aligning exactly with the national median of 0.99% but slightly lower than the Michigan state median of 1.07%. With a median home value of $391,000 in South Lyon, the typical annual property tax bill amounts to $3,958, which is significantly higher than the national median of $2,690. Property taxes in South Lyon are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence exemption. Understanding South Lyon'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 South Lyon 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
South Lyon, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$3,871
$3,592
Ownwell’s South Lyon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in South Lyon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South Lyon 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 South Lyon, Michigan
Property taxes in South Lyon, Michigan, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in South Lyon is 0.99%, aligning with both the Michigan state median and the U.S. national median of 0.99%. Local government entities in South Lyon set these rates annually, and they can vary significantly across different neighborhoods. Each year, South Lyon 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 South Lyon's effective property tax rate to other counties in Michigan and the national median. For comparison, the zip code 48178 has the highest median property tax rate of 0.99%, while the same zip code also has the lowest median tax rate of 0.99%. Understanding how these cities compare with South Lyon 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 South Lyon Tax Rate
0.99%
Average Livingston County Tax Rate
0.91%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Lyon, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48178 | 0.82% | 0.91% | 0.99% | 1.14% | 1.28% |
Source: Ownwell
Property Tax Assessment Values Across South Lyon, Michigan
In South Lyon, 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 South Lyon, 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 South Lyon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $3958, found in zip code 48178.
Average South Lyon Assessed Value
$391,000
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 South Lyon, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48178 | $207,400 | $314,800 | $391,000 | $499,800 | $739,420 |
Source: Ownwell
Property Tax Bills Across South Lyon, Michigan
In South Lyon, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is typically a percentage of the market value. For example, if the median home price is $391,000, the assessed value will be a portion of this amount. The tax rate, applied to this assessed value, determines the final tax bill. Several factors influence the tax bill, including the property's location within Livingston County and any applicable exemptions or deductions. Homeowners in South Lyon experience varying tax bills depending on their property's value and specific circumstances. At the 25th percentile, tax bills are around $3,069, while those at the 75th percentile see bills closer to $5,202. The highest tax bills, at the 90th percentile, can reach up to $7,691. These property taxes significantly impact homeowners by contributing to local services such as schools, infrastructure, and public safety, making it essential to understand how these calculations affect individual financial planning.
Average South Lyon Tax Bill
$3,958
Average Livingston County Tax Bill
$2,949
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across South Lyon, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48178 | $1,908 | $3,069 | $3,958 | $5,202 | $7,691 |
Source: Ownwell