South Lyon, Michigan Property Taxes
The median property tax rate in South Lyon, MI is 0.89%, which is notably lower than both the national median of 0.99% and the Michigan state median of 1.07%. Given the median home value in South Lyon is $390,700, the typical annual property tax bill amounts to $3,607, surpassing the national median of $2,690. Property taxes in South Lyon are determined based on the tax assessed value, which is generally lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. By understanding South Lyon's property tax system, exploring available exemptions, and spotting opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether you reside in the heart of South Lyon or another part of the city, a thorough grasp of the local property tax system is invaluable.
Last Updated June 14, 2024
South Lyon, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$3,477
$3,227
Ownwell’s South Lyon Property Tax Bill Calculator assists any homeowner, real estate investor, or potential owner in estimating their annual property taxes in South Lyon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South Lyon 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 South Lyon, Michigan
Property taxes in South Lyon, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in South Lyon is 0.89%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within South Lyon set these rates annually, and they can vary significantly across different neighborhoods. Each year, South Lyon 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 South Lyon's effective property tax rate to other counties in Michigan and the national median. For comparison, the zip code 48178 has both the highest and lowest median property tax rate of 0.89%. Understanding how these cities compare with South Lyon 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 South Lyon Tax Rate
0.89%
Average Washtenaw County Tax Rate
1.22%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Lyon, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48178 | 0.71% | 0.80% | 0.89% | 1.04% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across South Lyon, Michigan
In South Lyon, 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 South Lyon, 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. For instance, the median home price in South Lyon is $390,700, with the 25th percentile tax bill at $2,681 and the 75th percentile tax bill at $4,956. 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 South Lyon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average South Lyon Assessed Value
$390,700
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 South Lyon, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48178 | $221,150 | $297,625 | $390,700 | $549,025 | $727,100 |
Source: Ownwell
Property Tax Bills Across South Lyon, Michigan
Property tax bills in South Lyon, Washtenaw County, MI, are calculated based on the assessed value of a property, which is typically a percentage of its market value. The median home price in South Lyon stands at $390,700. Homeowners in this area experience property tax bills that vary widely, influenced by factors such as property size, location, and improvements. For instance, the tax bill at the 25th percentile is $2,681, while at the 75th percentile, it rises to $4,956. At the 90th percentile, homeowners might see bills as high as $6,603. The highest and lowest median tax bills in the area both register at $3,607, which is notably above the national median property tax rate of 0.99%. These taxes fund essential community services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. Understanding these factors can help homeowners anticipate their annual financial obligations and plan accordingly.
Average South Lyon Tax Bill
$3,607
Average Washtenaw County Tax Bill
$4,022
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across South Lyon, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48178 | $2,066 | $2,681 | $3,607 | $4,956 | $6,603 |
Source: Ownwell