Frankenmuth, Michigan Property Taxes
The median property tax rate in Frankenmuth, MI is 0.36%, considerably lower than both the national median of 0.99% and Michigan's state median of 1.07%. With the median home value in Frankenmuth at $192,400, the typical annual property tax bill reaches $690, significantly below the national median of $2,690. Property taxes in Frankenmuth 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 Frankenmuth'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 Frankenmuth 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
Frankenmuth, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.36%
Estimate Property Tax Bill
$693
$643
Ownwell’s Frankenmuth Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Frankenmuth with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Frankenmuth 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 Frankenmuth, Michigan
Property taxes in Frankenmuth, Michigan, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Frankenmuth is 1.38%, significantly higher than the Michigan state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Frankenmuth set these rates annually, and they can vary significantly across different neighborhoods. Each year, Frankenmuth 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 Frankenmuth's effective property tax rate to other counties in Michigan and the national median. For comparison, 48415 has the highest median property tax rate of 1.54%, while 48768 has the lowest median tax rate of 1.38%. Understanding how these cities compare with Frankenmuth 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 Frankenmuth Tax Rate
0.36%
Average Tuscola County Tax Rate
0.36%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Frankenmuth, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48734 | 0.27% | 0.34% | 0.36% | 0.38% | 0.45% |
Source: Ownwell
Property Tax Assessment Values Across Frankenmuth, Michigan
In Frankenmuth, 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 Frankenmuth, 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 Frankenmuth helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Frankenmuth are both $690, found in the 48734 zip code.
Average Frankenmuth Assessed Value
$192,400
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 Frankenmuth, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48734 | $130,200 | $152,800 | $192,400 | $221,200 | $283,300 |
Source: Ownwell
Property Tax Bills Across Frankenmuth, Michigan
In Frankenmuth, property tax bills are calculated based on the assessed value of a home, which is determined by the city’s tax assessor. This assessed value is a percentage of the property's market value. For example, with a median home price of $192,400, the assessed value will be a fraction of this market price, depending on local regulations. The tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location within Tuscola County, any applicable exemptions, and the specific tax rate set by local authorities. Homeowners in Frankenmuth can expect a range of tax bills, with the 25th percentile at $542 and the 75th percentile reaching $866. The 90th percentile tax bill can go up to $1030. These property taxes fund essential community services such as schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners. Understanding how these taxes are calculated can help homeowners plan and manage their finances more effectively.
Average Frankenmuth Tax Bill
$690
Average Tuscola County Tax Bill
$531
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Frankenmuth, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48734 | $386 | $542 | $690 | $866 | $1,030 |
Source: Ownwell