Fostoria, Michigan Property Taxes
The median property tax rate in Fostoria, MI is 0.30%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $145,800 in Fostoria, the typical annual property tax bill is $440, well below the national median of $2,690. Property taxes in Fostoria 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 Fostoria'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 Fostoria 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
Fostoria, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.3%
Estimate Property Tax Bill
$437
$406
Ownwell’s Fostoria Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fostoria with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fostoria 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 Fostoria, Michigan
Property taxes in Fostoria, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fostoria is 1.54%, notably higher than both the Michigan state median of 1.31% and the U.S. national median of 0.99%. Local government entities within Fostoria set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fostoria 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 Fostoria's effective property tax rate to other counties in Michigan and the national median. For comparison, 48463 has the highest median property tax rate of 1.54%, while 48768 has the lowest median tax rate of 1.31%. Understanding how these cities compare with Fostoria provides valuable insights into the varying tax landscape across Tuscola, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fostoria Tax Rate
0.30%
Average Tuscola County Tax Rate
0.36%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fostoria, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48435 | 0.20% | 0.26% | 0.30% | 0.38% | 0.44% |
Source: Ownwell
Property Tax Assessment Values Across Fostoria, Michigan
In Fostoria, 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. In Fostoria, 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. For instance, the median home price in Fostoria is $145,800, with annual tax bills ranging from $305 at the 25th percentile to $816 at the 90th percentile. The highest median tax bill of $440 is found in the 48435 zip code, which also has the lowest median tax bill of $440. 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 Fostoria helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fostoria Assessed Value
$145,800
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 Fostoria, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48435 | $60,800 | $105,000 | $145,800 | $187,900 | $231,180 |
Source: Ownwell
Property Tax Bills Across Fostoria, Michigan
In Fostoria, property tax bills are calculated based on the assessed value of the property, which is typically a percentage of the market value. For instance, the median home price in Fostoria is $145,800. The tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the final tax amount, including local tax rates and any applicable exemptions or deductions. Homeowners in Fostoria experience a range of tax bills. At the 25th percentile, tax bills are around $305, while at the 75th percentile, they rise to $589. The 90th percentile sees tax bills as high as $816. These figures illustrate the variability in property tax obligations based on property values and specific circumstances. Compared to the national median property tax rate of 0.99%, Fostoria's tax bills reflect the local economic environment and housing market. Understanding these factors helps homeowners anticipate their tax responsibilities and plan their finances accordingly.
Average Fostoria Tax Bill
$440
Average Tuscola County Tax Bill
$531
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Fostoria, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48435 | $182 | $305 | $440 | $589 | $816 |
Source: Ownwell