Flat Rock, Michigan Property Taxes
The median property tax rate in Flat Rock, MI is 0.57%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Flat Rock at $162,400, the typical annual property tax bill is $929, well below the national median of $2,690. Property taxes in Flat Rock are calculated based on the tax assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Flat Rock’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 Flat Rock or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Flat Rock, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.57%
Estimate Property Tax Bill
$926
$859
Ownwell’s Flat Rock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Flat Rock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Flat Rock 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 Flat Rock, Michigan
Property taxes in Flat Rock, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Flat Rock is 0.57%, which is lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Flat Rock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Flat Rock 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 Flat Rock's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48134 zip code has the highest median property tax rate of 0.57%, while the same zip code also has the lowest median tax rate of 0.57%. Understanding how these cities compare with Flat Rock provides valuable insights into the varying tax landscape across Presque Isle County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Flat Rock Tax Rate
0.57%
Average Presque Isle County Tax Rate
0.48%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Flat Rock, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48134 | 0.57% | 0.57% | 0.57% | 0.57% | 0.57% |
Source: Ownwell
Property Tax Assessment Values Across Flat Rock, Michigan
In Flat Rock, 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 Presque Isle 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 Flat Rock, 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 Flat Rock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $162,400, with the highest and lowest median tax bills both being $929, particularly in the 48134 zip code.
Average Flat Rock Assessed Value
$162,400
Average Presque Isle County Assessed Value
$112,200
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Flat Rock, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48134 | $162,400 | $162,400 | $162,400 | $162,400 | $162,400 |
Source: Ownwell
Property Tax Bills Across Flat Rock, Michigan
In Flat Rock, Michigan, property tax bills are calculated based on the assessed value of a home, which is typically determined by the local assessor's office. The assessed value is a percentage of the market value of the property. For instance, if the median home price in Flat Rock is $162,400, the assessed value will be a fraction of this amount, adjusted by the local assessment ratio. The tax rate in Flat Rock is applied to this assessed value to determine the annual property tax bill. Several factors influence this calculation, including the property's location within Presque Isle County and any applicable exemptions or abatements. Homeowners in Flat Rock can expect a median tax bill of $929, which is significantly lower than the national median property tax rate of 0.99%. This relatively low tax bill can be a financial relief for homeowners, making Flat Rock an attractive place to live. However, it's essential to keep in mind that property tax rates and assessed values can change, impacting future tax bills.
Average Flat Rock Tax Bill
$929
Average Presque Isle County Tax Bill
$633
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Flat Rock, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48134 | $929 | $929 | $929 | $929 | $929 |
Source: Ownwell