Bailey, Michigan Property Taxes
The median property tax rate in Bailey, MI is 0.43%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Bailey at $152,600, the typical annual property tax bill is $655, 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 significant annual savings. Whether you're in the heart of Bailey 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
Bailey, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.43%
Estimate Property Tax Bill
$656
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, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bailey is 0.43%, significantly 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. For comparison, the zip code 49303 has the highest median property tax rate of 0.43%, while the same zip code also has the lowest median tax rate of 0.43%. Understanding how these cities compare with Bailey provides valuable insights into the varying tax landscape across Newaygo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bailey Tax Rate
0.43%
Average Newaygo County Tax Rate
0.43%
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 | 0.37% | 0.40% | 0.43% | 0.47% | 0.48% |
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 Newaygo 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 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. For instance, Bailey's median home price is $152,600, with tax bills ranging from $421 at the 25th percentile to $1,244 at the 90th percentile. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bailey Assessed Value
$152,600
Average Newaygo County Assessed Value
$143,600
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 | $38,300 | $89,250 | $152,600 | $217,850 | $289,920 |
Source: Ownwell
Property Tax Bills Across Bailey, Michigan
In Bailey, located in Newaygo 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 median home price in Bailey is $152,600. Property taxes are then determined by applying the local tax rate to the assessed value. Factors such as property size, location, and improvements can influence the assessed value, thereby affecting the tax bill. Homeowners in Bailey experience a range of property tax bills. For instance, at the 25th percentile, the tax bill is $421, while at the 75th percentile, it rises to $986. The 90th percentile tax bill can reach up to $1,244. These figures highlight the variability in property taxes that homeowners can expect, depending on their property's assessed value and applicable exemptions. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax burdens. Homeowners must consider these taxes as part of their overall housing costs, impacting affordability and long-term financial planning.
Average Bailey Tax Bill
$655
Average Newaygo County Tax Bill
$667
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 | $154 | $421 | $655 | $986 | $1,244 |
Source: Ownwell