South Branch, Michigan Property Taxes
The median property tax rate in South Branch, MI is 0.84%, which is notably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $37,000 in South Branch, the typical annual property tax bill amounts to $322, significantly below the national median of $2,690. Property taxes in South Branch are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding South Branch'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 South Branch or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
South Branch, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$311
Ownwell’s South Branch Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in South Branch with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South Branch 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 South Branch, Michigan
Property taxes in South Branch, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in South Branch is 0.84%, lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within South Branch set these rates annually, and they can vary significantly across different neighborhoods. Each year, South Branch 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 South Branch's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48761 zip code has the highest median property tax rate of 0.84%, while the same 48761 zip code also has the lowest median tax rate of 0.84%. Understanding how these cities compare with South Branch provides valuable insights into the varying tax landscape across Ogemaw County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average South Branch Tax Rate
0.84%
Average Ogemaw County Tax Rate
0.91%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Branch, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48761 | 0.65% | 0.74% | 0.84% | 0.93% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across South Branch, Michigan
In South Branch, 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 local 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 South Branch, 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 South Branch 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 $322 in zip code 48761, while the lowest median tax bill is also $322 in the same zip code.
Average South Branch Assessed Value
$37,000
Average Ogemaw County Assessed Value
$47,400
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across South Branch, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48761 | $8,370 | $20,250 | $37,000 | $66,375 | $92,030 |
Source: Ownwell
Property Tax Bills Across South Branch, Michigan
In South Branch, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value generally represents 50% of the property's market value. For instance, with a median home price of $37,000, the assessed value would be approximately $18,500. The tax rate is then applied to this assessed value to determine the annual tax bill. In Ogemaw County, where South Branch is located, the median tax bill is $322, which is notably lower than the national median property tax rate of 0.99%. Homeowners in South Branch can expect their tax bills to vary, with the 25th percentile at $171 and the 75th percentile at $553. The highest tax bills can reach up to $835, depending on the property's assessed value and applicable exemptions. This relatively lower tax burden can make homeownership more affordable, although it’s essential for homeowners to stay informed about their property’s assessed value and any potential changes in tax rates.
Average South Branch Tax Bill
$322
Average Ogemaw County Tax Bill
$466
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across South Branch, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48761 | $80 | $171 | $322 | $553 | $835 |
Source: Ownwell