Caro, Michigan Property Taxes
The median property tax rate in Caro, Michigan is 0.70%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $72,400 in Caro, the typical annual property tax bill is $510, well below the national median of $2,690. Property taxes in Caro are based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Navigating Caro's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in considerable annual savings. Whether you're in the heart of Caro or another part of Roscommon County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Caro, Michigan Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$2,140
Ownwell’s CARO Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in CARO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in CARO 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 Caro, Michigan
Property taxes in Caro, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Caro is 1.54%, significantly higher than both the Michigan state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Caro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Caro 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 Caro's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48723 zip code has the highest median property tax rate of 1.54%, while the same zip code also has the lowest median tax rate of 1.54%. Understanding how these cities compare with Caro provides valuable insights into the varying tax landscape across Tuscola County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Caro Tax Rate
0.70%
Average Roscommon County Tax Rate
0.50%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Caro, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48723 | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
Source: Ownwell
Property Tax Assessment Values Across Caro, Michigan
In CARO, 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 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 CARO, 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 CARO helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $510, found in zip code 48723.
Average Caro Assessed Value
$72,400
Average Roscommon County Assessed Value
$114,800
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Caro, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48723 | $72,400 | $72,400 | $72,400 | $72,400 | $72,400 |
Source: Ownwell
Property Tax Bills Across Caro, Michigan
In Caro, located in Roscommon County, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is typically a percentage of the market value of the property. For instance, if the median home price in Caro is $72,400, the assessed value would be a fraction of this amount, depending on the local assessment ratio. Once the assessed value is determined, local tax rates, also known as millage rates, are applied to calculate the property tax bill. Homeowners in Caro can expect a median property tax bill of $510, which is significantly lower than the national median property tax rate of 0.99%. This relatively low property tax bill can be attributed to the affordable median home price in the area. Factors such as property improvements, neighborhood changes, and local government budgets can influence the assessed value and, consequently, the property tax bill. For homeowners, understanding these factors is crucial as they directly impact annual financial obligations.
Average Caro Tax Bill
$510
Average Roscommon County Tax Bill
$649
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Caro, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48723 | $510 | $510 | $510 | $510 | $510 |
Source: Ownwell