Elsie, Michigan Property Taxes
The median property tax rate in Elsie, MI is 0.92%, which is notably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $142,700 in Elsie, the typical annual property tax bill amounts to $1,300, significantly less than the national median of $2,690. Property taxes in Elsie are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Elsie's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Elsie or another part of Shiawassee County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elsie, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$1,313
Ownwell’s Elsie Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elsie with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elsie 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 Elsie, Michigan
Property taxes in Elsie, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elsie is 0.92%, slightly lower than the U.S. national median of 0.99%. Local government entities within Elsie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elsie 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 Elsie's effective property tax rate to other counties in Michigan and the national median. For comparison, the zip code 48831 has both the highest and lowest median property tax rate of 0.92%. Understanding how these cities compare with Elsie 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 Elsie Tax Rate
0.92%
Average Shiawassee County Tax Rate
1.23%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elsie, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48831 | 0.73% | 0.84% | 0.92% | 0.98% | 1.42% |
Source: Ownwell
Property Tax Assessment Values Across Elsie, Michigan
In Elsie, 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 Elsie, 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 Elsie helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bills in Elsie is 48831, both standing at $1,300.
Average Elsie Assessed Value
$142,700
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 Elsie, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48831 | $68,200 | $104,000 | $142,700 | $185,850 | $240,500 |
Source: Ownwell
Property Tax Bills Across Elsie, Michigan
In Elsie, located in Shiawassee County, MI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Elsie stands at $142,700. The property tax rate in this region is determined by local government authorities and applied to the assessed value of the property. Several factors influence the final tax bill, including the home's assessed value, local tax rates, and any applicable exemptions. For instance, homeowners in Elsie can expect their property tax bills to range significantly. The 25th percentile tax bill is around $997, while the 75th percentile reaches up to $1,751, and the 90th percentile can be as high as $2,312. Comparing these figures to the national median property tax rate of 0.99%, it's clear that property taxes in Elsie can vary widely, affecting homeowners differently based on their property's assessed value and applicable local tax rates.
Average Elsie Tax Bill
$1,300
Average Shiawassee County Tax Bill
$1,816
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Elsie, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48831 | $634 | $997 | $1,300 | $1,751 | $2,312 |
Source: Ownwell