Fraser, Michigan Property Taxes
The median property tax rate in Fraser, MI is 1.59%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Fraser, the typical annual property tax bill reaches $3,153, exceeding the national median of $2,690. Property taxes in Fraser are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Fraser'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 Fraser 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
Fraser, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.59%
Estimate Property Tax Bill
$3,043
Ownwell’s Fraser Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fraser with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fraser 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 Fraser, Michigan
Property taxes in Fraser, Michigan, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Fraser is 1.59%, significantly higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Fraser set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fraser 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 Fraser's effective property tax rate to other areas in Michigan and the national median. For comparison, the 48026 zip code has the highest median property tax rate of 1.59%, while the same zip code also has the lowest median tax rate of 1.59%. Understanding how these areas compare with Fraser provides valuable insights into the varying tax landscape across Macomb County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fraser Tax Rate
1.59%
Average Macomb County Tax Rate
1.19%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fraser, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48026 | 1.26% | 1.35% | 1.59% | 2.04% | 2.34% |
Source: Ownwell
Property Tax Assessment Values Across Fraser, Michigan
In Fraser, 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 Macomb 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 Fraser, 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 Fraser helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Fraser are both $3,153, within the zip code 48026.
Average Fraser Assessed Value
$191,400
Average Macomb County Assessed Value
$209,990
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fraser, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48026 | $102,520 | $161,000 | $191,400 | $241,200 | $299,800 |
Source: Ownwell
Property Tax Bills Across Fraser, Michigan
In Fraser, located in Macomb County, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. The median home price in Fraser is $191,400, and the property tax rate here is notably higher than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For instance, the 25th percentile of tax bills in Fraser stands at $2,438, while the 75th percentile reaches $4,141, indicating a significant variation based on property specifics. At the 90th percentile, homeowners might see tax bills as high as $5,286. This system ensures that property taxes are proportionate to property values, impacting homeowners by requiring them to budget for these annual expenses. In Fraser, the highest and lowest median tax bill both stand at $3,153, reflecting a relatively consistent tax burden across the area.
Average Fraser Tax Bill
$3,153
Average Macomb County Tax Bill
$2,603
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Fraser, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48026 | $1,857 | $2,438 | $3,153 | $4,141 | $5,286 |
Source: Ownwell