Midland, Michigan Property Taxes
The median property tax rate in Midland, MI is 1.24%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Midland, the typical annual property tax bill reaches $1,724, exceeding the national median of $2,690. Property taxes in Midland 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 Midland'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 Midland 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
Midland, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.24%
Estimate Property Tax Bill
$2,083
Ownwell’s Midland Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Midland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Midland to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in 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 Midland, Michigan
Property taxes in Midland, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Midland is 1.24%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Midland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Midland 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 Midland's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48642 zip code has the highest median property tax rate of 1.27%, while the 48640 zip code has the lowest median tax rate of 1.19%. Understanding how these cities compare with Midland provides valuable insights into the varying tax landscape across Midland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Midland Tax Rate
1.24%
Average Midland County Tax Rate
0.54%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Midland, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48640 | 0.42% | 0.47% | 1.19% | 1.43% | 1.58% |
| 48642 | 0.44% | 0.50% | 1.27% | 1.41% | 1.58% |
Source: Ownwell
Property Tax Assessment Values Across Midland, Michigan
In Midland, 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. In Midland, 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. The zip code with the highest median tax bill is 48642, with a bill of $1,946, while the lowest is 48640, at $1,477. Being aware of these valuation processes in Midland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Midland Assessed Value
$168,000
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 Midland, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48640 | $86,000 | $111,600 | $160,200 | $231,400 | $322,600 |
| 48642 | $96,200 | $126,800 | $175,000 | $274,700 | $425,600 |
Source: Ownwell
Property Tax Bills Across Midland, Michigan
In Midland, MI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For instance, with a median home price of $168,000, the assessed value forms the basis for determining the tax bill. Various factors such as property location, improvements, and local tax rates play a significant role in this calculation. Homeowners in Midland experience a range of property tax bills: the 25th percentile tax bill is around $938, while the 75th percentile reaches up to $2,789. For those in the 90th percentile, tax bills can soar to $4,253. The highest median tax bill in Midland is $1,946 in the 48642 zip code, whereas the lowest is $1,477 in the 48640 zip code. Compared to the national median property tax rate of 0.99%, Midland's property tax rates can significantly impact homeowners, influencing their overall housing costs and financial planning.
Average Midland Tax Bill
$1,724
Average Midland County Tax Bill
$1,273
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Midland, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48640 | $463 | $769 | $1,477 | $2,751 | $4,102 |
| 48642 | $600 | $1,252 | $1,946 | $2,824 | $4,419 |
Source: Ownwell