Durand, Michigan Property Taxes
The median property tax rate in Durand, MI, is 1.41%, significantly higher than both the national median of 0.99% and Michigan's state median of 1.07%. With the median home value in Durand at $123,550, the typical annual property tax bill reaches $1,706, which is below the national median of $2,690. Property taxes in Durand are calculated based on the tax-assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Durand'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 Durand 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
Durand, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.41%
Estimate Property Tax Bill
$1,742
Ownwell’s Durand Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Durand with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Durand 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 Durand, Michigan
Property taxes in Durand, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Durand is 1.41%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Durand set these rates annually, and they can vary significantly across different neighborhoods. Each year, Durand 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 Durand's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48429 zip code has the highest median property tax rate of 1.41%, while the 48429 zip code also has the lowest median tax rate of 1.41%. Understanding how these cities compare with Durand 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 Durand Tax Rate
1.41%
Average Shiawassee County Tax Rate
1.23%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Durand, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48429 | 0.93% | 1.16% | 1.41% | 1.93% | 2.20% |
Source: Ownwell
Property Tax Assessment Values Across Durand, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Durand, MI. The market value represents 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 Durand, 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. The median home price in Durand is $123,550, with tax bills ranging from $1,053 at the 25th percentile to $2,891 at the 90th percentile. The highest and lowest median tax bills are both $1,706, found in the 48429 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Durand Assessed Value
$123,550
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 Durand, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48429 | $5,600 | $59,650 | $123,550 | $172,320 | $230,080 |
Source: Ownwell
Property Tax Bills Across Durand, Michigan
In Durand, Shiawassee County, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is typically a percentage of the property's market value. For example, if the median home price in Durand is $123,550, the assessed value would be a fraction of this amount. To determine the tax bill, the assessed value is multiplied by the local tax rate. In Durand, the property tax rate can be seen through various tax bills: the 25th percentile tax bill is $1,053 while the 75th percentile tax bill is $2,234. This range indicates the variability in tax bills depending on the assessed value and applicable exemptions. Homeowners in Durand should be aware that their property tax bill can significantly impact their annual expenses. Compared to the national median property tax rate of 0.99%, the tax bills in Durand reflect a moderate rate that can affect budgeting and financial planning for homeowners.
Average Durand Tax Bill
$1,706
Average Shiawassee County Tax Bill
$1,816
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Durand, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48429 | $137 | $1,053 | $1,706 | $2,234 | $2,891 |
Source: Ownwell