Corunna, Michigan Property Taxes
The median property tax rate in Corunna, MI is 1.19%, notably higher than both the national median of 0.99% and Michigan's state median of 1.07%. With the median home value in Corunna at $138,800, the typical annual property tax bill amounts to $1,673, which surpasses the national median of $2,690. Property taxes in Corunna are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Corunna'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 Corunna 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
Corunna, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.19%
Estimate Property Tax Bill
$1,652
Ownwell’s Corunna Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Corunna with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Corunna to provide an accurate property tax estimate. This valuable tool helps you understand your potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Corunna, Michigan
Property taxes in Corunna, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Corunna is 1.19%, higher than the U.S. national median of 0.99%. Local government entities within Corunna set these rates annually, and they can vary significantly across different neighborhoods. Each year, Corunna 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 Corunna's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48817 zip code has the highest median property tax rate of 1.19%, while the 48817 zip code also has the lowest median tax rate of 1.19%. Understanding how these cities compare with Corunna 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 Corunna Tax Rate
1.19%
Average Shiawassee County Tax Rate
1.23%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Corunna, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48817 | 0.78% | 0.87% | 1.19% | 1.59% | 1.90% |
Source: Ownwell
Property Tax Assessment Values Across Corunna, Michigan
In Corunna, 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 Corunna, 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 Corunna helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Corunna are both $1673, found in the 48817 zip code.
Average Corunna Assessed Value
$138,800
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 Corunna, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48817 | $59,800 | $98,800 | $138,800 | $189,200 | $251,360 |
Source: Ownwell
Property Tax Bills Across Corunna, Michigan
Property tax bills in Corunna, Shiawassee County, MI, are calculated based on the assessed value of a property, which is typically a percentage of its market value. Homeowners in Corunna can expect their property tax rates to be influenced by various factors, including local government budgets, school district needs, and public service funding. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $138,800, homeowners might find their tax bills ranging significantly. The 25th percentile tax bill is around $1,258, while the 75th percentile reaches $2,273, and the 90th percentile can be as high as $3,030. This variation highlights how different factors such as property size, improvements, and neighborhood can affect the final tax bill. Compared to the national median property tax rate of 0.99%, Corunna's rates can be seen as relatively moderate, providing a balanced impact on homeowners' finances.
Average Corunna Tax Bill
$1,673
Average Shiawassee County Tax Bill
$1,816
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Corunna, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48817 | $921 | $1,258 | $1,673 | $2,273 | $3,030 |
Source: Ownwell