Leroy, Michigan Property Taxes
The median property tax rate in Leroy, MI is 1.32%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Leroy, the typical annual property tax bill reaches $1,253, still below the national median of $2,690. Property taxes in Leroy are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Leroy'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 Leroy 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
Leroy, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.32%
Estimate Property Tax Bill
$1,345
$1,248
Ownwell’s LEROY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LEROY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LEROY 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 Leroy, Michigan
Property taxes in Leroy, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Leroy is 1.32%, significantly higher than the U.S. national median of 0.99%. Local government entities within Leroy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Leroy 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 Leroy's effective property tax rate to other areas and the national median. For comparison, the zip code 49655 has the highest median property tax rate of 1.32%, while the same zip code also has the lowest median tax rate of 1.32%. Understanding how these cities compare with Leroy 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 Leroy Tax Rate
1.32%
Average Osceola County Tax Rate
1.27%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Leroy, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49655 | 0.82% | 1.03% | 1.32% | 1.80% | 2.24% |
Source: Ownwell
Property Tax Assessment Values Across Leroy, Michigan
In Leroy, 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 Leroy, 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 Leroy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Leroy is $1,253 in the 49655 zip code, while the lowest median tax bill is also $1,253 in the same zip code.
Average Leroy Assessed Value
$101,900
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 Leroy, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49655 | $18,920 | $42,850 | $101,900 | $173,150 | $258,600 |
Source: Ownwell
Property Tax Bills Across Leroy, Michigan
In Leroy, located in Osceola County, MI, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the market value, which in Leroy is influenced by factors such as property size, location, and market conditions. With a median home price of $101,900, homeowners in Leroy can expect varying tax bills based on their property's assessed value. The tax bill can range significantly, with the 25th percentile at $612, the 75th percentile at $2,193, and the 90th percentile reaching up to $3,588. This variability means that homeowners with higher-valued properties will pay more in taxes, while those with lower-valued properties will pay less. Compared to the national median property tax rate of 0.99%, Leroy's tax rates reflect a localized approach to funding community services and infrastructure. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Leroy Tax Bill
$1,253
Average Osceola County Tax Bill
$1,382
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Leroy, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49655 | $274 | $612 | $1,253 | $2,193 | $3,588 |
Source: Ownwell