Fargo, Michigan Property Taxes
The median property tax rate in Fargo, MI is 0.26%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $95,600 in Fargo, the typical annual property tax bill amounts to $253, well below the national median of $2,690. Property taxes in Fargo are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Fargo'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 Fargo 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
Fargo, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.26%
Estimate Property Tax Bill
$249
Ownwell’s Fargo Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Fargo with just two simple data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Fargo to provide an estimate of your property tax bill. This insightful tool is designed to help you understand your potential tax liabilities. For those interested in more localized trends, additional neighborhood-level information is available further down the page. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Fargo, Michigan
Property taxes in Fargo, Michigan, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Fargo is 1.54%, significantly higher than both the Michigan state median of 1.31% and the U.S. national median of 0.99%. Local government entities within Fargo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fargo 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 Fargo's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48201 zip code has the highest median property tax rate of 2.62%, while the 49801 zip code has the lowest median tax rate of 0.98%. Understanding how these cities compare with Fargo provides valuable insights into the varying tax landscape across St. Clair County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fargo Tax Rate
0.26%
Average St. Clair County Tax Rate
0.78%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fargo, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48006 | 0.20% | 0.23% | 0.26% | 0.32% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Fargo, Michigan
In Fargo, 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 St. Clair 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 Fargo, 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 Fargo is $95,600, with tax bills ranging from $200 at the 25th percentile to $405 at the 90th percentile. The zip code 48006 has both the highest and lowest median tax bill at $253. 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 Fargo Assessed Value
$95,600
Average St. Clair County Assessed Value
$181,600
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fargo, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48006 | $60,080 | $90,900 | $95,600 | $127,450 | $158,460 |
Source: Ownwell
Property Tax Bills Across Fargo, Michigan
In Fargo, St. Clair County, MI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For instance, with a median home price of $95,600, the assessed value forms the basis for determining the tax bill. Tax rates, set by local authorities, are applied to this assessed value. Homeowners in Fargo experience a range of tax bills, with the 25th percentile at $200 and the 75th percentile at $393, indicating variability based on property values and applicable exemptions. Factors influencing the tax bill include the property's location, local tax rates, and any applicable exemptions or deductions. These taxes fund essential services like schools, public safety, and infrastructure. For homeowners, understanding these components is crucial, as property taxes represent a significant annual expense. Compared to the national median property tax rate of 0.99%, Fargo's tax rates can provide a benchmark for evaluating local tax burdens and their impact on household budgets.
Average Fargo Tax Bill
$253
Average St. Clair County Tax Bill
$1,504
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Fargo, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48006 | $178 | $200 | $253 | $393 | $405 |
Source: Ownwell