Sears, Michigan Property Taxes
The median property tax rate in Sears, MI is 1.25%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Sears, the typical annual property tax bill reaches $1,363, exceeding the national median of $2,690. Property taxes in Sears 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 Sears' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Sears 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
Sears, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.25%
Estimate Property Tax Bill
$1,384
$1,284
Ownwell’s SEARS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SEARS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SEARS 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 Sears, Michigan
Property taxes in Sears, Michigan, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Sears is 1.25%, significantly higher than the U.S. national median of 0.99%. Local government entities within Sears set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sears 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 Sears's effective property tax rate to other areas and the national median. For comparison, the 49679 zip code has the highest median property tax rate of 1.25%, while the same zip code also has the lowest median tax rate of 1.25%. Understanding how these areas compare with Sears 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 Sears Tax Rate
1.25%
Average Osceola County Tax Rate
1.27%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sears, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49679 | 0.79% | 0.96% | 1.25% | 1.61% | 2.00% |
Source: Ownwell
Property Tax Assessment Values Across Sears, Michigan
In SEARS, 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 SEARS, 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 SEARS helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in SEARS are both $1363.00, found in the zip code 49679.
Average Sears Assessed Value
$110,700
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 Sears, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49679 | $32,160 | $60,550 | $110,700 | $179,450 | $244,020 |
Source: Ownwell
Property Tax Bills Across Sears, Michigan
Property tax bills in Sears, located in Osceola County, MI, are calculated based on the assessed value of a property, which is typically a percentage of its market value. In this region, the tax rate is applied to the assessed value to determine the annual tax bill. For instance, with a median home price of $110,700, homeowners can expect their tax bills to vary significantly. The 25th percentile tax bill is around $763, while those at the 75th percentile pay approximately $2,185, and at the 90th percentile, the tax bill can reach up to $3,180. The factors influencing these variations include the property's assessed value, the local tax rate, and any applicable exemptions or deductions. This means that homeowners with higher-valued properties or fewer exemptions will face higher tax bills. Compared to the national median property tax rate of 0.99%, the tax rates in Sears reflect the local economic conditions and funding needs for public services, impacting homeowners' annual financial obligations.
Average Sears Tax Bill
$1,363
Average Osceola County Tax Bill
$1,382
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Sears, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49679 | $416 | $763 | $1,363 | $2,185 | $3,180 |
Source: Ownwell