New Baltimore, Michigan Property Taxes
The median property tax rate in New Baltimore, MI is 1.23%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in New Baltimore, the typical annual property tax bill reaches $3,398, exceeding the national median of $2,690. Property taxes in New Baltimore 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 New Baltimore'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 New Baltimore 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
New Baltimore, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$3,264
Ownwell’s New Baltimore Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Baltimore with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Baltimore 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 New Baltimore, Michigan
Property taxes in New Baltimore, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Baltimore is 1.23%, which is higher than the U.S. national median of 0.99%. Local government entities within New Baltimore set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Baltimore 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 New Baltimore's effective property tax rate to other areas in Macomb County and the national median. For comparison, the 48047 zip code has the highest median property tax rate of 1.26%, while the 48051 zip code has the lowest median tax rate of 1.05%. Understanding how these cities compare with New Baltimore 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 New Baltimore Tax Rate
1.23%
Average Macomb County Tax Rate
1.19%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Baltimore, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48047 | 1.00% | 1.14% | 1.26% | 1.54% | 1.71% |
| 48051 | 0.69% | 0.90% | 1.05% | 1.16% | 1.49% |
Source: Ownwell
Property Tax Assessment Values Across New Baltimore, Michigan
In New Baltimore, 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 New Baltimore, 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 New Baltimore helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in New Baltimore is $3,454 in the 48047 zip code, while the lowest median tax bill is $2,857 in the 48051 zip code.
Average New Baltimore Assessed Value
$265,400
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 New Baltimore, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48047 | $91,800 | $174,200 | $266,400 | $338,600 | $402,980 |
| 48051 | $70,180 | $176,750 | $245,100 | $372,600 | $447,040 |
Source: Ownwell
Property Tax Bills Across New Baltimore, Michigan
In New Baltimore, MI, located in Macomb County, property tax bills are calculated based on the assessed value of a home, which is typically around 50% of its market value. For a median home price of $265,400, this means the assessed value would be approximately $132,700. The local property tax rate is then applied to this assessed value to determine the tax bill. Several factors influence the final tax bill, including the property's location, any applicable exemptions, and changes in the local tax rate. In New Baltimore, the 25th percentile of property tax bills is $2,271, while the 75th percentile is $4,344, and the 90th percentile reaches up to $5,562. These figures highlight the variability in tax bills, which can significantly impact homeowners' finances. Comparatively, the highest median tax bill in the area is $3,454 in the 48047 zip code, while the lowest is $2,857 in the 48051 zip code. Understanding these factors can help homeowners anticipate their property tax obligations and plan accordingly.
Average New Baltimore Tax Bill
$3,398
Average Macomb County Tax Bill
$2,603
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across New Baltimore, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48047 | $1,452 | $2,382 | $3,454 | $4,411 | $5,712 |
| 48051 | $401 | $1,932 | $2,857 | $4,018 | $4,842 |
Source: Ownwell