Breckenridge, Midland County, Michigan Property Taxes
The median property tax rate in Breckenridge, MI is 0.35%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Breckenridge, the typical annual property tax bill reaches $531, well below the national median of $2,690. Property taxes in Breckenridge 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 Breckenridge'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 Breckenridge 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
Breckenridge, Midland County, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.35%
Estimate Property Tax Bill
$490
$455
Ownwell’s Breckenridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Breckenridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Breckenridge 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 Breckenridge, Midland County, Michigan
Property taxes in Breckenridge, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Breckenridge is 1.55%, significantly higher than both the Michigan state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Breckenridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Breckenridge 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 Breckenridge's effective property tax rate to other counties in Michigan and the national median. For comparison, the zip code 48176 has the highest median property tax rate of 2.47%, while the zip code 48418 has the lowest median tax rate of 0.89%. Understanding how these cities compare with Breckenridge provides valuable insights into the varying tax landscape across Gratiot County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Breckenridge Tax Rate
0.35%
Average Midland County Tax Rate
0.54%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Breckenridge, Midland County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48615 | 0.28% | 0.31% | 0.35% | 0.41% | 0.50% |
Source: Ownwell
Property Tax Assessment Values Across Breckenridge, Midland County, Michigan
In Breckenridge, 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 Midland 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. Assessment notices in Breckenridge 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 Breckenridge helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $531 in the 48615 zip code, while the lowest median tax bill is also $531 in the same zip code.
Property Tax Assessment Values Across Breckenridge, Midland County, Michigan
Source: Ownwell
$77,200
$126,100
$175,000
Average Breckenridge Assessed Value
$140,000
Average Midland County Assessed Value
$158,800
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Breckenridge, Midland County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48615 | $46,060 | $85,400 | $140,000 | $216,350 | $322,580 |
Source: Ownwell
Property Tax Bills Across Breckenridge, Midland County, Michigan
In Breckenridge, Midland County, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The assessed value is typically a percentage of the market value. For instance, a median home price in Breckenridge is $140,000. Homeowners' tax bills are influenced by factors such as local tax rates and applicable exemptions. The tax bill can vary significantly; for example, the 25th percentile tax bill is $306, while the 75th percentile reaches $790, and the 90th percentile can go up to $1156. The highest and lowest median tax bills in the area are both $531, indicating a relatively consistent tax burden within the specified zip code of 48615. Compared to the national median property tax rate of 0.99%, the tax rates in Breckenridge may present a different financial impact on homeowners. Understanding these factors helps homeowners anticipate their annual property tax obligations and budget accordingly.
Average Breckenridge Tax Bill
$531
Average Midland County Tax Bill
$1,273
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Breckenridge, Midland County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48615 | $185 | $306 | $531 | $790 | $1,156 |
Source: Ownwell