Ovid, Michigan Property Taxes
The median property tax rate in Ovid, MI is 1.08%, slightly higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Ovid at $162,200, the typical annual property tax bill reaches $1,802, which is below the national median of $2,690. Property taxes in Ovid are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Ovid'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 Ovid or another part of Shiawassee County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ovid, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$1,752
Ownwell’s Ovid Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Ovid, Shiawassee County, MI. By simply entering your property's estimated assessed value, the calculator uses the median tax rate specific to Ovid to provide an accurate estimate of your property tax bill. This valuable resource helps you understand your potential tax liabilities clearly. For those interested in more detailed insights, neighborhood-level trends are available further down the page. Your property’s assessed value is determined by the county for tax purposes, considering any applicable exemptions.
Property Tax Rates Across Ovid, Michigan
Property taxes in Ovid, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ovid is 1.08%, which is higher than the U.S. national median of 0.99%. Local government entities within Ovid set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ovid 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 Ovid's effective property tax rate to other counties in Michigan and the national median. For comparison, the zip code 48866 has the highest median property tax rate of 1.08%, while the same zip code also has the lowest median tax rate of 1.08%. Understanding how these cities compare with Ovid 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 Ovid Tax Rate
1.08%
Average Shiawassee County Tax Rate
1.23%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ovid, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48866 | 0.81% | 0.98% | 1.08% | 1.25% | 1.49% |
Source: Ownwell
Property Tax Assessment Values Across Ovid, Michigan
In Ovid, 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 Ovid, 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 Ovid helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Ovid is $162,200, with the highest median tax bill in zip code 48866 at $1,802.
Average Ovid Assessed Value
$162,200
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 Ovid, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48866 | $41,400 | $114,000 | $162,200 | $220,600 | $322,800 |
Source: Ownwell
Property Tax Bills Across Ovid, Michigan
In Ovid, 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 $162,200, the assessed value would be approximately $81,100. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax amount, including local government budgets, school district funding needs, and any special assessments for public services. Homeowners in Ovid can expect varying tax bills depending on their property's assessed value. For instance, the tax bill at the 25th percentile is around $1,305, while at the 75th percentile, it reaches approximately $2,390. For those at the 90th percentile, it can go up to $3,270. These figures illustrate the range of financial responsibilities homeowners might face. Compared to the national median property tax rate of 0.99%, Ovid's property tax bills are relatively moderate, providing a balanced fiscal environment for its residents.
Average Ovid Tax Bill
$1,802
Average Shiawassee County Tax Bill
$1,816
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Ovid, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48866 | $808 | $1,305 | $1,802 | $2,390 | $3,270 |
Source: Ownwell