Caro, Michigan Property Taxes
The median property tax rate in Caro, Michigan is 0.39%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Caro, the typical annual property tax bill reaches $595, well below the national median of $2,690. Property taxes in Caro 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 Caro'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 Caro 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
Caro, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$506
$470
Ownwell’s CARO Property Tax Bill Calculator helps homeowners, real estate investors, and potential buyers estimate their annual property taxes in CARO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in CARO 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 Tuscola County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Caro, Michigan
Property taxes in Caro, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Caro is 0.39%, which is lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Caro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Caro 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 Caro'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 significantly higher, while some areas have rates even lower than Caro's 0.39%. Understanding how these cities compare with Caro 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 Caro Tax Rate
0.39%
Average Tuscola County Tax Rate
0.36%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Caro, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48723 | 0.28% | 0.32% | 0.39% | 0.79% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Caro, Michigan
In Caro, 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 Assessor's Office 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 Caro, 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 Caro is $129,800, with property tax bills ranging from $387 at the 25th percentile to $1,330 at the 90th percentile. The highest and lowest median tax bills are both $595, found in the 48723 zip code. 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 Caro helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Caro Assessed Value
$129,800
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 Caro, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48723 | $53,920 | $85,800 | $129,800 | $184,000 | $245,680 |
Source: Ownwell
Property Tax Bills Across Caro, Michigan
Property tax bills in Caro, located in Tuscola County, MI, are calculated based on the assessed value of the property, which is typically a percentage of the market value. The median home price in Caro is $129,800, and the property tax rate in this region significantly impacts homeowners' annual tax bills. For instance, homeowners in the 25th percentile can expect a tax bill around $387, while those in the 75th percentile may see bills closer to $901. At the 90th percentile, tax bills can reach up to $1,330. Various factors influence these tax bills, including property size, location, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Caro's property tax rates can be seen as relatively manageable, although they still represent a significant expense for homeowners. Understanding how these taxes are assessed and the factors that influence them can help homeowners better anticipate their annual financial obligations.
Average Caro Tax Bill
$595
Average Tuscola County Tax Bill
$531
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Caro, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48723 | $216 | $387 | $595 | $901 | $1,330 |
Source: Ownwell