Akron, Michigan Property Taxes
The median property tax rate in Akron, MI is 0.34%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Akron at $100,600, the typical annual property tax bill is $385, well below the national median of $2,690. Property taxes in Akron are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Akron'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 Akron 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
Akron, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.34%
Estimate Property Tax Bill
$342
Ownwell’s Akron Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Akron with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Akron 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 Akron, Michigan
Property taxes in Akron, Michigan, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Akron is 1.54%, significantly higher than both the Michigan state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Akron set these rates annually, and they can vary significantly across different neighborhoods. Each year, Akron 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 Akron's effective property tax rate to other counties in Michigan and the national median. For comparison, the highest median property tax rate in Michigan is found in Wayne County at 2.64%, while the lowest median tax rate is in Luce County at 0.83%. Understanding how these cities compare with Akron provides valuable insights into the varying tax landscape across Tuscola County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Akron Tax Rate
0.34%
Average Tuscola County Tax Rate
0.36%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Akron, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48701 | 0.24% | 0.28% | 0.34% | 0.51% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Akron, Michigan
In Akron, 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 Tuscola 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. Assessment notices in Akron 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. In Akron, the zip code with the highest median tax bill is 48701, with a tax bill of $385, while the lowest median tax bill is also in zip code 48701, at $385. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Akron Assessed Value
$100,600
Average Tuscola County Assessed Value
$128,800
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Akron, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48701 | $30,000 | $70,800 | $100,600 | $140,250 | $190,620 |
Source: Ownwell
Property Tax Bills Across Akron, Michigan
In Akron, Tuscola County, MI, property tax bills are determined by assessing the market value of a property and applying the local tax rate. For homeowners, this means that the local government evaluates their property's worth and calculates taxes based on that assessed value. Factors such as property size, location, and market conditions are considered in this assessment. For example, with a median home price of $100,600, homeowners in Akron can expect their property tax bills to vary. At the 25th percentile, the tax bill is around $240, while at the 75th percentile, it can reach $557. At the 90th percentile, it climbs to approximately $817. These tax bills can significantly impact homeowners, affecting their overall housing costs and financial planning. Comparing this to the national median property tax rate of 0.99%, homeowners in Akron experience relatively moderate tax bills, which can be a crucial factor when considering the affordability of living in the area.
Average Akron Tax Bill
$385
Average Tuscola County Tax Bill
$531
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Akron, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48701 | $127 | $240 | $385 | $557 | $817 |
Source: Ownwell