Vicksburg, Michigan Property Taxes
The median property tax rate in Vicksburg, MI is 0.35%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $87,000 in Vicksburg, the typical annual property tax bill amounts to $306, well below the national median of $2,690. Property taxes in Vicksburg are determined based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Gaining a thorough understanding of Vicksburg's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're residing in Vicksburg or investing in the area, familiarizing yourself with the local property tax landscape will be beneficial for homeowners and real estate investors alike.
Last Updated June 14, 2024
Vicksburg, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.35%
Estimate Property Tax Bill
$304
Ownwell’s Vicksburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vicksburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vicksburg 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 Vicksburg, Michigan
Property taxes in Vicksburg, Michigan, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Vicksburg is 1.62%, significantly higher than both the Michigan state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Vicksburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Vicksburg 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 Vicksburg's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49097 zip code has the highest median property tax rate of 1.62%, while the 49913 zip code has the lowest median tax rate of 1.09%. Understanding how these cities compare with Vicksburg 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 Vicksburg Tax Rate
0.35%
Average Schoolcraft County Tax Rate
0.45%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Vicksburg, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49097 | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
Source: Ownwell
Property Tax Assessment Values Across Vicksburg, Michigan
In Vicksburg, 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 Vicksburg, 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 Vicksburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 49097 has both the highest and lowest median tax bill at $306, reflecting the uniformity in tax assessments within the area.
Average Vicksburg Assessed Value
$87,000
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 Vicksburg, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49097 | $87,000 | $87,000 | $87,000 | $87,000 | $87,000 |
Source: Ownwell
Property Tax Bills Across Vicksburg, Michigan
In Vicksburg, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in Vicksburg is $87,000. Property tax bills in this area are relatively consistent, with the 25th, 75th, and 90th percentiles all reporting a tax bill of $306. This uniformity means that homeowners can expect a predictable tax bill, regardless of small fluctuations in home values. The tax bill is influenced by several factors including the assessed value of the property, local tax rates, and any exemptions or deductions for which the homeowner may qualify. The local tax rate in Vicksburg is notably lower than the national median property tax rate of 0.99%. This lower rate can be beneficial for homeowners, making Vicksburg an attractive place to live for those looking to manage their property tax expenses effectively. Overall, the predictable and relatively low property tax bills contribute to the financial stability of homeowners in Vicksburg.
Average Vicksburg Tax Bill
$306
Average Schoolcraft County Tax Bill
$504
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Vicksburg, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49097 | $306 | $306 | $306 | $306 | $306 |
Source: Ownwell