Bailey, Michigan Property Taxes
The median property tax rate in Bailey, MI is 0.38%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $214,100 in Bailey, the typical annual property tax bill is $858, which is well below the national median of $2,690. Property taxes in Bailey are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bailey's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Bailey or another part of Muskegon County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bailey, Michigan Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$2,140
Ownwell’s Bailey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bailey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bailey 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 Bailey, Michigan
Property taxes in Bailey, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bailey is 0.38%, which is lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Bailey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bailey 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 Bailey's effective property tax rate to other counties in Michigan and the national median. Understanding how these cities compare with Bailey provides valuable insights into the varying tax landscape across Muskegon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bailey Tax Rate
0.38%
Average Muskegon County Tax Rate
0.47%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bailey, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49303 | 0.27% | 0.32% | 0.38% | 0.50% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Bailey, Michigan
In Bailey, 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 Muskegon 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 Bailey, 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. The median home price in Bailey is $214,100, with the 25th percentile tax bill at $607 and the 75th percentile at $1,260. Notably, the highest and lowest median tax bills are both $858 in the 49303 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bailey Assessed Value
$214,100
Average Muskegon County Assessed Value
$163,000
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bailey, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49303 | $118,980 | $155,650 | $214,100 | $298,550 | $370,660 |
Source: Ownwell
Property Tax Bills Across Bailey, Michigan
In Bailey, Muskegon County, MI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $214,100, homeowners in Bailey can expect varying tax bills depending on the assessed value and applicable exemptions. The 25th percentile tax bill stands at $607, while the 75th percentile reaches up to $1260, and the 90th percentile goes as high as $1783. These figures illustrate the range of tax obligations homeowners might face, influenced by factors such as property size, location, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Bailey's homeowners experience a diverse range of tax bills, reflecting the unique assessment practices and economic conditions of the area. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Bailey Tax Bill
$858
Average Muskegon County Tax Bill
$841
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Bailey, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49303 | $412 | $607 | $858 | $1,260 | $1,783 |
Source: Ownwell