South Branch, Michigan Property Taxes
The median property tax rate in South Branch, MI is 0.50%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in South Branch at $75,600, the typical annual property tax bill amounts to $461, which is well below the national median of $2,690. Property taxes in South Branch are calculated based on the tax assessed value, often less than the market value due to various exemptions like the primary residence and agricultural exemptions. 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 Oscoda County, 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
0.5%
Estimate Property Tax Bill
$378
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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in South Branch is 0.50%, which is lower than both the Michigan state median of 1.54% 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 both the highest and lowest median property tax rate of 0.50%. Understanding how these cities compare with South Branch provides valuable insights into the varying tax landscape across Oscoda County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average South Branch Tax Rate
0.50%
Average Oscoda County Tax Rate
0.74%
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 | 0.40% | 0.44% | 0.50% | 1.11% | 1.33% |
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 Oscoda 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 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. The median home price in South Branch is $75,600, with tax bills ranging from $286 at the 25th percentile to $1,581 at the 90th percentile. 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.
Average South Branch Assessed Value
$75,600
Average Oscoda County Assessed Value
$55,600
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 | $29,360 | $52,400 | $75,600 | $124,200 | $209,760 |
Source: Ownwell
Property Tax Bills Across South Branch, Michigan
In South Branch, located in Oscoda County, MI, property tax bills are calculated based on the assessed value of a home. The assessed value is typically a percentage of the market value, which is determined by local assessors. Several factors influence this assessed value, including the property's location, size, and condition. For example, the median home price in South Branch is $75,600, and property tax bills can vary significantly. Homeowners in this area can expect their tax bills to range from the 25th percentile at $286 to the 75th percentile at $938, with the 90th percentile reaching up to $1,581. These figures highlight the variability in tax bills, which can impact household budgets. The highest and lowest median tax bills in the region are both $461, illustrating a relatively consistent tax environment within the zip code 48761. Compared to the national median property tax rate of 0.99%, South Branch provides a snapshot of how local assessments and valuations can influence overall tax obligations for homeowners.
Average South Branch Tax Bill
$461
Average Oscoda County Tax Bill
$412
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 | $202 | $286 | $461 | $938 | $1,581 |
Source: Ownwell