Canton, Michigan Property Taxes
The median property tax rate in Canton, MI is 1.83%, significantly higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Canton, the typical annual property tax bill reaches $2,781, surpassing the national median of $2,690. Property taxes in Canton are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Canton'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 Canton 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
Canton, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$928
$861
Ownwell’s Canton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Canton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Canton 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 Canton, Michigan
Property taxes in Canton, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Canton is 0.61%, which is lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Canton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Canton 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 Canton's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48188 zip code has the highest median property tax rate of 0.61%, while the same zip code also has the lowest median tax rate of 0.61%. Understanding how these cities compare with Canton provides valuable insights into the varying tax landscape across Oakland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Canton Tax Rate
0.61%
Average Oakland County Tax Rate
1.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Canton, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48188 | 0.61% | 0.61% | 0.61% | 0.61% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Canton, Michigan
In Canton, 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 Oakland 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 Canton, 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 Canton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 48188, with a value of $927, which is also the lowest median tax bill in the area.
Average Canton Assessed Value
$152,080
Average Oakland County Assessed Value
$273,320
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Canton, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48188 | $152,080 | $152,080 | $152,080 | $152,080 | $152,080 |
Source: Ownwell
Property Tax Bills Across Canton, Michigan
Property tax bills in Canton, located in Oakland County, MI, are calculated based on the assessed value of a property, which is typically a percentage of its market value. The tax rate, known as the millage rate, is then applied to this assessed value. In Canton, the median home price is $152,080, and property tax bills at various percentiles (25th, 75th, and 90th) all stand at $927. This uniformity indicates a stable tax rate across different property values. Several factors influence the tax bill, including property characteristics, local government budgets, and school district funding needs. Homeowners in Canton face a property tax rate that is influenced by these local requirements, which can impact the affordability of homeownership. Compared to the national median property tax rate of 0.99%, Canton's rate results in a median tax bill that reflects the area's specific economic and budgetary conditions. This consistency in tax bills provides a predictable financial landscape for homeowners in the region.
Average Canton Tax Bill
$927
Average Oakland County Tax Bill
$3,833
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Canton, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48188 | $927 | $927 | $927 | $927 | $927 |
Source: Ownwell