Naperville, Michigan Property Taxes
The median property tax rate in Naperville, MI is 0.40%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $204,400 in Naperville, the typical annual property tax bill amounts to $823, well below the national median of $2,690. Property taxes in Naperville 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 Naperville'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 Naperville 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
Naperville, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$818
Ownwell’s Naperville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Naperville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Naperville 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 Naperville, Michigan
Property taxes in Naperville, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Naperville is 0.40%, significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Naperville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Naperville 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 Naperville's effective property tax rate to other counties in Michigan and the national median. For comparison, the 60540 zip code has both the highest and lowest median property tax rate of 0.40%. Understanding how these cities compare with Naperville 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 Naperville Tax Rate
0.40%
Average Schoolcraft County Tax Rate
0.45%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Naperville, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60540 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Naperville, Michigan
In Naperville, 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 Naperville, 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 Naperville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 60540 at $823.00, while the lowest median tax bill is also in zip code 60540 at $823.00.
Average Naperville Assessed Value
$204,400
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 Naperville, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60540 | $204,400 | $204,400 | $204,400 | $204,400 | $204,400 |
Source: Ownwell
Property Tax Bills Across Naperville, Michigan
Property tax bills in Naperville, located in Schoolcraft County, MI, are determined based on the assessed value of a property, which is typically a percentage of its market value. The median home price in Naperville is $204,400. Property taxes in this area are calculated by applying the local tax rate to the assessed value of the property. For instance, if a home's assessed value is set at 50% of its market value, a property worth $204,400 would have an assessed value of $102,200. Homeowners in Naperville experience a median property tax bill of $823, which remains consistent across various percentiles, including the 25th, 75th, and 90th percentiles, highlighting a uniform tax structure within the region. This amount is significantly lower than the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, infrastructure, and emergency services, impacting the quality of life in the community. Understanding these factors helps homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Naperville Tax Bill
$823
Average Schoolcraft County Tax Bill
$504
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Naperville, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60540 | $823 | $823 | $823 | $823 | $823 |
Source: Ownwell