Hamtramck, Michigan Property Taxes
The median property tax rate in Hamtramck, MI is 1.58%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Hamtramck at $102,000, the typical annual property tax bill reaches $1,188, exceeding the national median of $2,690. Property taxes in Hamtramck 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 Hamtramck'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 Hamtramck 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
Hamtramck, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.58%
Estimate Property Tax Bill
$1,612
Ownwell’s Hamtramck Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hamtramck with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hamtramck 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 Hamtramck, Michigan
Property taxes in Hamtramck, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hamtramck is 1.58%, significantly higher than the U.S. national median of 0.99%. Local government entities within Hamtramck set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hamtramck 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 Hamtramck's effective property tax rate to other areas in Michigan and the national median. For comparison, the 48212 zip code has the highest median property tax rate of 1.59%, while the 48211 zip code has the lowest median tax rate of 1.02%. Understanding how these areas compare with Hamtramck 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 Hamtramck Tax Rate
1.58%
Average Wayne County Tax Rate
1.44%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hamtramck, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48211 | 0.74% | 0.83% | 1.02% | 1.91% | 3.19% |
| 48212 | 0.82% | 1.04% | 1.59% | 2.67% | 3.77% |
Source: Ownwell
Property Tax Assessment Values Across Hamtramck, Michigan
In Hamtramck, 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. Assessment notices in Hamtramck 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. Hamtramck's highest median tax bill is $1,190 in the 48212 zip code, while the lowest is $1,090 in the 48211 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 Hamtramck Assessed Value
$102,000
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 Hamtramck, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48211 | $24,800 | $85,200 | $125,800 | $136,600 | $151,600 |
| 48212 | $14,060 | $32,400 | $101,600 | $142,000 | $176,360 |
Source: Ownwell
Property Tax Bills Across Hamtramck, Michigan
In Hamtramck, property tax bills are calculated based on the assessed value of the property, which is typically a percentage of the market value. For instance, with a median home price of $102,000, the assessed value is determined by local assessors who evaluate the property’s worth. The tax rate is then applied to this assessed value to calculate the annual tax bill. Several factors influence the tax bill, including the property’s location, size, and condition. In Hamtramck, the 25th percentile tax bill is around $824, while the 75th percentile tax bill reaches approximately $1,776. For higher-end properties, the 90th percentile tax bill can soar to $2,725. Comparatively, the median tax bill in Wayne County varies, with the highest median tax bill recorded at $1,190 in the 48212 zip code and the lowest at $1,090 in the 48211 zip code. These property taxes significantly impact homeowners, as they form a substantial part of annual housing expenses. Understanding how these taxes are calculated helps homeowners budget effectively and anticipate their financial obligations.
Average Hamtramck Tax Bill
$1,188
Average Wayne County Tax Bill
$1,625
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Hamtramck, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48211 | $698 | $905 | $1,090 | $1,401 | $1,716 |
| 48212 | $604 | $823 | $1,190 | $1,780 | $2,731 |
Source: Ownwell