Carleton, Michigan Property Taxes
The median property tax rate in Carleton, MI is 0.50%, considerably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Carleton at $228,700, the typical annual property tax bill reaches $1,134, well below the national median of $2,690. Property taxes in Carleton 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 Carleton'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 Carleton 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
Carleton, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$1,144
$1,061
Ownwell’s Carleton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Carleton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Carleton 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 Carleton, Michigan
Property taxes in Carleton, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Carleton is 0.50%, which is lower than the U.S. national median of 0.99%. Local government entities within Carleton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Carleton 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 Carleton's effective property tax rate to other areas in Michigan and the national median. For comparison, the 48117 zip code has the highest median property tax rate of 0.50%, while the 48117 zip code also has the lowest median tax rate of 0.50%. Understanding how these areas compare with Carleton 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 Carleton Tax Rate
0.50%
Average Wayne County Tax Rate
1.44%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Carleton, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48117 | 0.28% | 0.41% | 0.50% | 0.69% | 0.80% |
Source: Ownwell
Property Tax Assessment Values Across Carleton, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Carleton, Michigan. The market value represents 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 Carleton, 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. For example, the median home price in Carleton is $228,700, with the highest and lowest median tax bills both at $1,134 in the 48117 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Carleton Assessed Value
$228,700
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 Carleton, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48117 | $169,380 | $193,350 | $228,700 | $295,000 | $377,160 |
Source: Ownwell
Property Tax Bills Across Carleton, Michigan
In Carleton, MI, property tax bills are calculated based on the assessed value of a home, which is typically determined as a percentage of the market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For example, with a median home price of $228,700, homeowners can expect varying tax bills depending on where their property's value falls within the local assessment ranges. Factors such as property improvements, neighborhood developments, and local government budgets play a significant role in determining the assessed value. In Carleton, the 25th percentile of tax bills is around $936, while the 75th percentile reaches approximately $1,437. The 90th percentile can go up to $1,938, showing a broad range of potential tax liabilities for homeowners. Comparatively, the national median property tax rate is 0.99%, making Carleton's tax bills relatively moderate. These taxes are crucial for funding local services like schools, public safety, and infrastructure, directly impacting the quality of life for residents.
Average Carleton Tax Bill
$1,134
Average Wayne County Tax Bill
$1,625
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Carleton, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48117 | $714 | $936 | $1,134 | $1,437 | $1,938 |
Source: Ownwell