Milan, Michigan Property Taxes
The median property tax rate in Milan, MI is 1.20%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Milan, the typical annual property tax bill reaches $3,000, exceeding the national median of $2,690. Property taxes in Milan 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 Milan'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 Milan 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
Milan, Michigan Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$2,140
Ownwell’s Milan Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Milan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milan 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 Milan, Michigan
Property taxes in Milan, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milan is 1.20%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Milan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milan 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 Milan's effective property tax rate to other areas in Michigan and the national median. For comparison, the zip code 48160 has the highest median property tax rate of 1.20%, while the same zip code also has the lowest median tax rate of 1.20%. Understanding how these cities compare with Milan provides valuable insights into the varying tax landscape across Washtenaw County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milan Tax Rate
1.20%
Average Washtenaw County Tax Rate
1.22%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milan, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48160 | 0.86% | 0.97% | 1.20% | 1.54% | 2.04% |
Source: Ownwell
Property Tax Assessment Values Across Milan, Michigan
In Milan, 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 Washtenaw 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 Milan, 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 Milan is $236,000, with the 25th percentile tax bill at $2,327 and the 75th percentile at $4,011. The highest and lowest median tax bills are both $3,000, found in the 48160 zip code. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Milan Assessed Value
$236,000
Average Washtenaw County Assessed Value
$319,000
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milan, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48160 | $152,800 | $184,200 | $236,000 | $305,250 | $421,540 |
Source: Ownwell
Property Tax Bills Across Milan, Michigan
In Milan, Washtenaw County, MI, property tax bills are determined by several key factors. First, the assessed value of a home is calculated, typically a percentage of its market value. For example, with a median home price of $236,000, the assessed value forms the basis of the tax calculation. Local tax rates are then applied to this assessed value to determine the annual tax bill. In Milan, property tax bills vary significantly, with the 25th percentile at $2,327 and the 75th percentile reaching $4,011. Homeowners in Milan can expect their tax bills to reflect a combination of the property's assessed value and the local tax rate. This can impact household budgets, especially when tax bills are at the higher end, such as the 90th percentile at $5,337. Compared to the national median property tax rate of 0.99%, Milan's tax rates can result in substantial annual expenses for homeowners, influencing decisions on property investments and financial planning.
Average Milan Tax Bill
$3,000
Average Washtenaw County Tax Bill
$4,022
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Milan, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48160 | $1,800 | $2,327 | $3,000 | $4,011 | $5,337 |
Source: Ownwell