Lawrence, Michigan Property Taxes
The median property tax rate in Lawrence, Michigan is 0.37%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Lawrence at $173,500, the typical annual property tax bill comes to $738, well below the national median of $2,690. Property taxes in Lawrence 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 Lawrence'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 Lawrence 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
Lawrence, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.37%
Estimate Property Tax Bill
$642
$596
Ownwell’s Lawrence Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lawrence with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lawrence 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 Lawrence, Michigan
Property taxes in Lawrence, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lawrence is 1.78%, significantly higher than both the Michigan state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Lawrence set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lawrence 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 Lawrence's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49079 zip code has the highest median property tax rate of 1.95%, while the 49056 zip code has the lowest median tax rate of 1.65%. Understanding how these cities compare with Lawrence 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 Lawrence Tax Rate
0.37%
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 Lawrence, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49064 | 0.26% | 0.31% | 0.37% | 0.47% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Lawrence, Michigan
In Lawrence, 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 Lawrence, 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 Lawrence helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $173,500, with the highest and lowest median tax bills both being $738 in zip code 49064.
Average Lawrence Assessed Value
$173,500
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 Lawrence, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49064 | $63,600 | $108,600 | $173,500 | $271,500 | $415,360 |
Source: Ownwell
Property Tax Bills Across Lawrence, Michigan
In Lawrence, Van Buren County, MI, property tax bills are determined based on the assessed value of the home and the local tax rate. The assessed value is typically a percentage of the market value, and local tax authorities apply the tax rate to this assessed value to calculate the annual tax bill. For instance, with a median home price of $173,500, homeowners can expect varying tax bills depending on their property's assessed value and specific tax rate. Factors such as property location, improvements, and market conditions influence the assessed value. In Lawrence, property tax bills range significantly: the 25th percentile tax bill is around $467, while the 75th percentile reaches $1,134. At the 90th percentile, homeowners might see a tax bill as high as $1,666. Comparing these figures to the national median property tax rate of 0.99%, Lawrence's property tax rates can vary widely, impacting homeowners differently based on their property’s assessed value and specific circumstances.
Average Lawrence Tax Bill
$738
Average Van Buren County Tax Bill
$842
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Lawrence, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49064 | $260 | $467 | $738 | $1,134 | $1,666 |
Source: Ownwell