Bangor, Michigan Property Taxes
The median property tax rate in Bangor, MI is 0.42%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $114,900 in Bangor, the typical annual property tax bill is approximately $573, which is well below the national median of $2,690. Property taxes in Bangor 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 Bangor's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Bangor or another part of Van Buren County, mastering the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bangor, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.42%
Estimate Property Tax Bill
$483
$448
Ownwell’s Bangor Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bangor with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bangor 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 Bangor, Michigan
Property taxes in Bangor, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bangor is 0.42%, significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Bangor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bangor 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 Bangor's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49013 zip code has both the highest and lowest median property tax rate of 0.42%. Understanding how these cities compare with Bangor provides valuable insights into the varying tax landscape across Van Buren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bangor Tax Rate
0.42%
Average Van Buren County Tax Rate
0.43%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bangor, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49013 | 0.27% | 0.33% | 0.42% | 0.70% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Bangor, Michigan
In Bangor, 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 Van Buren 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 Bangor, 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 Bangor is $114,900, with tax bills ranging from $341 at the 25th percentile to $1,297 at the 90th percentile. The highest and lowest median tax bills are both $573, found in zip code 49013. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bangor Assessed Value
$114,900
Average Van Buren County Assessed Value
$178,200
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bangor, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49013 | $36,180 | $74,000 | $114,900 | $173,200 | $250,500 |
Source: Ownwell
Property Tax Bills Across Bangor, Michigan
In Bangor, located in Van Buren 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, determined by local assessors. For example, with a median home price of $114,900, the tax bill can vary significantly. Homeowners in the 25th percentile might pay around $341, while those in the 75th percentile could see bills as high as $904. At the 90th percentile, tax bills can reach up to $1,297. The median tax bill in Bangor stands at $573, which is relatively lower compared to the national median property tax rate of 0.99%. Factors such as property improvements, neighborhood developments, and changes in market conditions can influence the assessed value, thereby affecting the tax bill. For homeowners, understanding these factors is crucial, as they directly impact annual financial planning and long-term investment in property.
Average Bangor Tax Bill
$573
Average Van Buren County Tax Bill
$842
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Bangor, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49013 | $179 | $341 | $573 | $904 | $1,297 |
Source: Ownwell