Hersey, Michigan Property Taxes
The median property tax rate in Hersey, MI is 1.12%, which is higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Hersey at $119,500, the typical annual property tax bill reaches $1,331, surpassing the national median of $2,690. Property taxes in Hersey are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hersey'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 Hersey or another part of Osceola County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hersey, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$1,338
Ownwell’s HERSEY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in HERSEY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in HERSEY 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 Hersey, Michigan
Property taxes in Hersey, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hersey is 1.12%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Hersey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hersey 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 Hersey's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49639 zip code has the highest median property tax rate of 1.12%, while the 49639 zip code also has the lowest median tax rate of 1.12%. Understanding how these cities compare with Hersey provides valuable insights into the varying tax landscape across Osceola County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hersey Tax Rate
1.12%
Average Osceola County Tax Rate
1.27%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hersey, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49639 | 0.71% | 0.86% | 1.12% | 1.45% | 1.85% |
Source: Ownwell
Property Tax Assessment Values Across Hersey, Michigan
In Hersey, 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 Osceola 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 Hersey, 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 Hersey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Hersey is $119,500, with tax bills ranging from $863 at the 25th percentile to $2,828 at the 90th percentile. The highest and lowest median tax bills are both $1,331 in the 49639 zip code.
Average Hersey Assessed Value
$119,500
Average Osceola County Assessed Value
$109,600
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hersey, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49639 | $48,700 | $77,600 | $119,500 | $172,750 | $240,000 |
Source: Ownwell
Property Tax Bills Across Hersey, Michigan
In Hersey, Osceola County, MI, property tax bills are calculated based on the assessed value of a home, which is typically 50% of its market value. For instance, with a median home price of $119,500, the assessed value would be approximately $59,750. The local tax rate is then applied to this assessed value to determine the tax bill. Several factors influence the final tax amount, including local government budgets, school funding needs, and infrastructure projects. Homeowners in Hersey can expect their tax bills to vary significantly. For example, the 25th percentile tax bill is around $863, while the 75th percentile reaches $1,939. At the 90th percentile, tax bills can soar to $2,828, reflecting the higher end of the tax spectrum in the area. Compared to the national median property tax rate of 0.99%, Hersey's tax bills are relatively moderate, providing a balanced financial obligation for homeowners while supporting community services and development.
Average Hersey Tax Bill
$1,331
Average Osceola County Tax Bill
$1,382
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Hersey, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49639 | $528 | $863 | $1,331 | $1,939 | $2,828 |
Source: Ownwell