Frederic, Michigan Property Taxes
The median property tax rate in Frederic, MI is 1.05%, slightly higher than the national median of 0.99% but lower than the Michigan state median of 1.07%. With a median home value of $151,600 in Frederic, the typical annual property tax bill amounts to $1,468, which is below the national median of $2,690. Property taxes in Frederic are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Frederic'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 Frederic 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
Frederic, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$1,592
Ownwell’s Frederic Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Frederic with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Frederic 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 Frederic, Michigan
Property taxes in Frederic, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Frederic is 1.05%, which is higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Frederic set these rates annually, and they can vary significantly across different neighborhoods. Each year, Frederic 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 Frederic's effective property tax rate to other counties in Michigan and the national median. For comparison, the zip code 49733 has both the highest and lowest median property tax rate of 1.05%. Understanding how these areas compare with Frederic provides valuable insights into the varying tax landscape across Otsego County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Frederic Tax Rate
1.05%
Average Otsego County Tax Rate
0.90%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Frederic, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49733 | 0.62% | 0.70% | 1.05% | 1.39% | 1.66% |
Source: Ownwell
Property Tax Assessment Values Across Frederic, Michigan
In Frederic, 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 Otsego 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 Frederic, 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 Frederic helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Frederic are both $1468, found in the zip code 49733.
Average Frederic Assessed Value
$151,600
Average Otsego County Assessed Value
$166,800
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Frederic, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49733 | $49,000 | $105,800 | $151,600 | $251,300 | $356,960 |
Source: Ownwell
Property Tax Bills Across Frederic, Michigan
In Frederic, located in Otsego County, MI, property tax bills are calculated based on the assessed value of a home, which is typically 50% of its market value. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. With a median home price of $151,600, homeowners can expect varying tax bills depending on their property's assessed value and the specific tax rate applied. For instance, the 25th percentile tax bill is around $952, while those in the 75th percentile might see bills closer to $2,607. The top 10% of homeowners could face tax bills as high as $3,975. These figures suggest that property taxes in Frederic can significantly impact household budgets, especially when compared to the national median property tax rate of 0.99%. Understanding these factors is crucial for homeowners to anticipate their annual property tax obligations and manage their finances accordingly.
Average Frederic Tax Bill
$1,468
Average Otsego County Tax Bill
$1,490
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Frederic, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49733 | $525 | $952 | $1,468 | $2,607 | $3,975 |
Source: Ownwell