Bancroft, Michigan Property Taxes
The median property tax rate in Bancroft, MI is 0.98%, slightly below the state median of 1.07% but just under the national median of 0.99%. With a median home value of $156,400 in Bancroft, the typical annual property tax bill is $1,533, which is lower than the national median of $2,690. Property taxes in Bancroft are based on the assessed value, which often falls below the market value due to exemptions such as primary residence and agricultural exemptions. Navigating Bancroft'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 Bancroft 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
Bancroft, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$1,533
Ownwell’s Bancroft Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bancroft with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bancroft 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 Bancroft, Michigan
Property taxes in Bancroft, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bancroft is 0.98%, slightly below the U.S. national median of 0.99%. Local government entities within Bancroft set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bancroft 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 Bancroft's effective property tax rate to other areas in Michigan and the national median. For comparison, the highest and lowest median property tax rates in Shiawassee County are both 0.98%, which aligns with Bancroft's median rate. Understanding how these figures compare with Bancroft provides valuable insights into the varying tax landscape across Shiawassee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bancroft Tax Rate
0.98%
Average Shiawassee County Tax Rate
1.23%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bancroft, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48414 | 0.75% | 0.84% | 0.98% | 1.23% | 1.77% |
Source: Ownwell
Property Tax Assessment Values Across Bancroft, Michigan
In Bancroft, 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 Shiawassee 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 Bancroft, 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 Bancroft helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 48414 has both the highest and lowest median tax bill at $1533.
Average Bancroft Assessed Value
$156,400
Average Shiawassee County Assessed Value
$142,800
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bancroft, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48414 | $23,400 | $99,400 | $156,400 | $214,400 | $272,000 |
Source: Ownwell
Property Tax Bills Across Bancroft, Michigan
In Bancroft, located in Shiawassee County, MI, property tax bills are calculated based on the assessed value of a home, which is typically 50% of its market value. For a median home price of $156,400, this translates to an assessed value of $78,200. The tax rate is then applied to this assessed value to determine the final tax bill. Several factors influence the tax bill, including local tax rates and any applicable exemptions or deductions. Homeowners in Bancroft can expect their property tax bills to vary significantly. At the 25th percentile, tax bills are around $918, while at the 75th percentile, they rise to approximately $2,083. For those at the 90th percentile, the tax bill can reach up to $2,721. These figures illustrate the range of property tax burdens within the community. Compared to the national median property tax rate of 0.99%, Bancroft's property taxes reflect the local economic conditions and funding needs of public services. This variability in tax bills can significantly impact homeowners' financial planning and overall affordability of living in the area.
Average Bancroft Tax Bill
$1,533
Average Shiawassee County Tax Bill
$1,816
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Bancroft, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48414 | $415 | $918 | $1,533 | $2,083 | $2,721 |
Source: Ownwell