Tustin, Michigan Property Taxes
The median property tax rate in Tustin, MI is 1.26%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Tustin at $126,300, the typical annual property tax bill reaches $1,571, exceeding the national median of $2,690. Property taxes in Tustin 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 Tustin'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 Tustin 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
Tustin, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.26%
Estimate Property Tax Bill
$1,591
$1,477
Ownwell’s Tustin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tustin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tustin 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 Tustin, Michigan
Property taxes in Tustin, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tustin is 1.26%, which is higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Tustin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tustin 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 Tustin's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49688 zip code has both the highest and lowest median property tax rate of 1.26%. Understanding how these cities compare with Tustin 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 Tustin Tax Rate
1.26%
Average Osceola County Tax Rate
1.27%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tustin, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49688 | 0.82% | 0.98% | 1.26% | 1.68% | 2.16% |
Source: Ownwell
Property Tax Assessment Values Across Tustin, Michigan
In Tustin, 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 authorities 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 Tustin, 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 Tustin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 49688 has the highest median tax bill of $1,571, while the lowest median tax bill is also $1,571.
Average Tustin Assessed Value
$126,300
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 Tustin, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49688 | $35,480 | $73,300 | $126,300 | $208,500 | $306,200 |
Source: Ownwell
Property Tax Bills Across Tustin, Michigan
In Tustin, located in Osceola County, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This assessed value typically represents 50% of the property's market value. For instance, with a median home price of $126,300, the assessed value would be approximately $63,150. The tax rate is then applied to this assessed value to calculate the annual tax bill. Several factors influence the final tax bill, including local tax rates, school district levies, and any applicable exemptions or deductions. Homeowners in Tustin experience a range of tax bills, with the 25th percentile at $950 and the 75th percentile at $2,394. The highest median tax bill in the area reaches $1,571. These property taxes significantly impact homeowners by contributing to local services such as education, infrastructure, and emergency services, while also affecting the overall cost of homeownership. Comparatively, Tustin's property tax rates are in line with the national median rate of 0.99%, ensuring that residents receive essential services while maintaining manageable tax obligations.
Average Tustin Tax Bill
$1,571
Average Osceola County Tax Bill
$1,382
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Tustin, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49688 | $557 | $950 | $1,571 | $2,394 | $3,742 |
Source: Ownwell