Louisville, Michigan Property Taxes
The median property tax rate in Louisville, MI is 0.38%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $135,800 in Louisville, the typical annual property tax bill is $516, which is well below the national median of $2,690. Property taxes in Louisville are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Louisville'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 Louisville 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
Louisville, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.38%
Estimate Property Tax Bill
$516
Ownwell’s Louisville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Louisville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Louisville 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 Louisville, Michigan
Property taxes in Louisville, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Louisville is 0.38%, which is significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Louisville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Louisville 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 Louisville's effective property tax rate to other counties in Michigan and the national median. For comparison, the highest median property tax rate in the region is significantly higher than Louisville's, while the lowest median tax rate is also notably different. Understanding how these cities compare with Louisville provides valuable insights into the varying tax landscape across Schoolcraft County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Louisville Tax Rate
0.38%
Average Schoolcraft County Tax Rate
0.45%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Louisville, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40228 | 0.38% | 0.38% | 0.38% | 0.38% | 0.38% |
Source: Ownwell
Property Tax Assessment Values Across Louisville, Michigan
In Louisville, 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 Schoolcraft 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 Louisville, 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 Louisville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Louisville are both $516, found in zip code 40228.
Average Louisville Assessed Value
$135,800
Average Schoolcraft County Assessed Value
$86,700
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Louisville, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40228 | $135,800 | $135,800 | $135,800 | $135,800 | $135,800 |
Source: Ownwell
Property Tax Bills Across Louisville, Michigan
In Louisville, located in Schoolcraft County, MI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Louisville is $135,800. To determine the tax bill, local tax rates are applied to the assessed value. These rates can vary depending on the specific needs and budgets of local government entities such as schools, fire departments, and other municipal services. In Louisville, the property tax rate is relatively low compared to the national median property tax rate of 0.99%. This results in a median tax bill of $516, which is consistent across various percentiles, including the 25th, 75th, and 90th. This uniformity indicates a stable tax environment for homeowners. For homeowners, this means predictable annual expenses and a clearer understanding of their financial responsibilities. Lower property taxes can also make homeownership more affordable and appealing, potentially boosting the local real estate market.
Average Louisville Tax Bill
$516
Average Schoolcraft County Tax Bill
$504
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Louisville, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 40228 | $516 | $516 | $516 | $516 | $516 |
Source: Ownwell