Gagetown, Michigan Property Taxes
The median property tax rate in Gagetown, MI is 1.28%, significantly higher than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $62,800 in Gagetown, the typical annual property tax bill amounts to $556, which is considerably lower than the national median of $2,690. Property taxes in Gagetown are calculated based on the assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Gagetown'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 Gagetown 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
Gagetown, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.28%
Estimate Property Tax Bill
$804
$746
Ownwell’s Gagetown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gagetown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gagetown 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 Gagetown, Michigan
Property taxes in Gagetown, Michigan, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gagetown is 1.28%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Gagetown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gagetown 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 Gagetown's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48735 zip code has the highest median property tax rate of 1.28%, while the same zip code also has the lowest median tax rate of 1.28%. Understanding how these cities compare with Gagetown 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 Gagetown Tax Rate
1.28%
Average Tuscola County Tax Rate
0.36%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gagetown, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48735 | 0.34% | 0.38% | 1.28% | 1.40% | 1.90% |
Source: Ownwell
Property Tax Assessment Values Across Gagetown, Michigan
In Gagetown, 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 Gagetown 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 Gagetown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $556, found in the 48735 zip code.
Average Gagetown Assessed Value
$62,800
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 Gagetown, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48735 | $26,960 | $40,000 | $62,800 | $117,400 | $181,680 |
Source: Ownwell
Property Tax Bills Across Gagetown, Michigan
In Gagetown, located in Tuscola County, MI, property tax bills are calculated based on the assessed value of a home. The assessed value is typically a percentage of the market value, and local tax rates are then applied to determine the final tax bill. For instance, with the median home price at $62,800, property taxes can vary significantly within the area. Homeowners in the 25th percentile pay around $377 annually, while those in the 75th percentile see bills closer to $828. The 90th percentile tax bill can reach up to $1,260. Several factors influence these tax bills, including property size, location, and any applicable exemptions or deductions. These taxes fund essential community services such as schools, emergency services, and infrastructure maintenance, directly impacting the quality of life for residents. Compared to the national median property tax rate of 0.99%, Gagetown's property taxes are relatively moderate, making it an appealing location for homeowners seeking affordability.
Average Gagetown Tax Bill
$556
Average Tuscola County Tax Bill
$531
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Gagetown, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48735 | $261 | $377 | $556 | $828 | $1,260 |
Source: Ownwell