Free Soil, Michigan Property Taxes
The median property tax rate in Free Soil, MI is 1.05%, slightly higher than the national median of 0.99% but just below the Michigan state median of 1.07%. With the median home value in Free Soil at $175,600, the typical annual property tax bill amounts to $1,685, which is lower than the national median of $2,690. Property taxes in Free Soil are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Free Soil'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 Free Soil 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
Free Soil, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$1,844
Ownwell’s Free Soil Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Free Soil with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Free Soil 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 Free Soil, Michigan
Property taxes in Free Soil, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Free Soil is 1.05%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Free Soil set these rates annually, and they can vary significantly across different neighborhoods. Each year, Free Soil 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 Free Soil's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49411 zip code has the highest median property tax rate of 1.05%, while the same 49411 zip code also has the lowest median tax rate of 1.05%. Understanding how these cities compare with Free Soil provides valuable insights into the varying tax landscape across Manistee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Free Soil Tax Rate
1.05%
Average Manistee County Tax Rate
1.18%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Free Soil, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49411 | 0.81% | 0.88% | 1.05% | 1.22% | 1.68% |
Source: Ownwell
Property Tax Assessment Values Across Free Soil, Michigan
In Free Soil, 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 local 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 Free Soil, 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 Free Soil helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Free Soil is $175,600, with the highest and lowest median tax bills both being $1,685 in zip code 49411.
Average Free Soil Assessed Value
$175,600
Average Manistee County Assessed Value
$141,200
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Free Soil, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49411 | $71,860 | $90,100 | $175,600 | $302,700 | $394,580 |
Source: Ownwell
Property Tax Bills Across Free Soil, Michigan
In Free Soil, Manistee County, MI, property tax bills are determined by assessing the market value of a home and applying the local tax rate to this assessed value. The median home price in Free Soil is $175,600, and the property tax rate for the area aligns closely with the national median of 0.99%. For homeowners, this means that the annual property tax bill can vary significantly based on the home's market value and the specific assessment practices of the county. Factors such as property size, location, and improvements can influence the assessed value, which in turn affects the tax bill. For example, the 25th percentile tax bill is around $1,010, while the 75th percentile reaches $3,977, and the 90th percentile can go up to $4,916. The highest and lowest median tax bills in the area are both recorded at $1,685, indicating a relatively consistent tax rate across different properties. These taxes fund essential community services, impacting homeowners by contributing to local infrastructure, schools, and emergency services.
Average Free Soil Tax Bill
$1,685
Average Manistee County Tax Bill
$1,612
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Free Soil, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49411 | $763 | $1,010 | $1,685 | $3,977 | $4,916 |
Source: Ownwell