Canton, Michigan Property Taxes
The median property tax rate in Canton, MI is 0.72%, which is considerably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Canton at $316,000, the typical annual property tax bill reaches $2,283, falling below the national median of $2,690. Property taxes in Canton 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 Canton'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 Canton 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
Canton, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$2,275
Ownwell’s Canton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Canton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Canton 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 Canton, Michigan
Property taxes in Canton, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Canton is 0.72%, lower than both the Wayne County median of 0.74% and the U.S. national median of 0.99%. Local government entities within Canton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Canton 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 Canton's effective property tax rate to other areas in Wayne County and the national median. For comparison, the 48188 zip code has the highest median property tax rate of 0.74%, while the 48187 zip code has the lowest median tax rate of 0.69%. Understanding how these areas compare with Canton provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Canton Tax Rate
0.72%
Average Wayne County Tax Rate
1.44%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Canton, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48187 | 0.55% | 0.59% | 0.69% | 0.84% | 0.90% |
| 48188 | 0.54% | 0.61% | 0.74% | 0.84% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Canton, Michigan
In Canton, 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 Wayne 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 Canton, 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 highest median tax bill in Canton is $2,420 in the 48188 zip code, while the lowest is $2,169 in the 48187 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 in Canton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Canton Assessed Value
$316,000
Average Wayne County Assessed Value
$126,800
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Canton, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48187 | $222,400 | $262,400 | $309,600 | $397,100 | $534,160 |
| 48188 | $189,520 | $256,000 | $324,200 | $422,000 | $495,000 |
Source: Ownwell
Property Tax Bills Across Canton, Michigan
In Canton, located in Wayne County, MI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For example, with a median home price of $316,000, the assessed value is a significant factor in determining the tax bill. Homeowners in Canton can expect their property tax bills to vary widely, reflecting the diversity in property values and tax rates within the area. Factors such as the specific tax rate for the zip code and any applicable exemptions or deductions also play a crucial role. In Canton, the tax bill at the 25th percentile is around $1,675, while at the 75th percentile, it rises to approximately $3,255. For those at the 90th percentile, the tax bill can reach up to $4,259. The highest median tax bill in Canton is $2,420 in the 48188 zip code, whereas the lowest is $2,169 in the 48187 zip code. These taxes significantly impact homeowners by influencing their overall cost of living and financial planning.
Average Canton Tax Bill
$2,283
Average Wayne County Tax Bill
$1,625
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Canton, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48187 | $1,356 | $1,664 | $2,169 | $3,119 | $4,464 |
| 48188 | $1,321 | $1,695 | $2,420 | $3,349 | $4,150 |
Source: Ownwell