Tipton, Michigan Property Taxes
The median property tax rate in Tipton, MI is 0.40%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Tipton at $186,900, the typical annual property tax bill is $737, which is well below the national median of $2,690. Property taxes in Tipton are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Tipton'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 Tipton 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
Tipton, 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 Tipton Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Tipton with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Tipton to provide an estimate of your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities. For those interested in neighborhood-specific trends, more localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Tipton, Michigan
Property taxes in Tipton, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tipton is 1.68%, significantly higher than both the Michigan state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Tipton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tipton 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 Tipton's effective property tax rate to other counties in Michigan and the national median. For comparison, the highest median property tax rate in Michigan is in ZIP code 48104 at 2.61%, while the lowest median tax rate is in ZIP code 49677 at 0.83%. Understanding how these cities compare with Tipton 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 Tipton Tax Rate
0.40%
Average Washtenaw County Tax Rate
1.22%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tipton, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49287 | 0.32% | 0.36% | 0.40% | 0.45% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Tipton, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Tipton, Michigan. 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 Tipton, 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 Tipton is $186,900, with tax bills ranging from the 25th percentile at $479 to the 90th percentile at $1,511. The highest and lowest median tax bills, both $737, are found in zip code 49287. Understanding these valuation concepts helps property owners navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to manage the tax burden effectively.
Average Tipton Assessed Value
$186,900
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 Tipton, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49287 | $71,080 | $125,700 | $186,900 | $259,575 | $404,310 |
Source: Ownwell
Property Tax Bills Across Tipton, Michigan
In Tipton, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The assessed value is typically a percentage of the market value, reflecting current real estate trends. For instance, with a median home price of $186,900, homeowners can expect their property tax bills to vary significantly. Factors influencing the tax bill include property characteristics, neighborhood amenities, and local tax rates. In Tipton, the tax bills range from $479 at the 25th percentile to $1,511 at the 90th percentile, indicating a wide variance depending on the specific property and its assessed value. These property taxes fund essential local services such as schools, public safety, and infrastructure. Homeowners in Tipton may find their tax bills higher or lower than the national median property tax rate of 0.99%, impacting their overall cost of homeownership. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Tipton Tax Bill
$737
Average Washtenaw County Tax Bill
$4,022
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Tipton, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49287 | $277 | $479 | $737 | $1,167 | $1,511 |
Source: Ownwell