Lincoln Park, Michigan Property Taxes
The median property tax rate in Lincoln Park, MI is 1.25%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Lincoln Park, the typical annual property tax bill reaches $1,550, which is below the national median of $2,690. Property taxes in Lincoln Park 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 Lincoln Park'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 Lincoln Park 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
Lincoln Park, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.25%
Estimate Property Tax Bill
$1,445
$1,341
Ownwell’s Lincoln Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lincoln Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lincoln Park 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 Lincoln Park, Michigan
Property taxes in Lincoln Park, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lincoln Park is 1.25%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lincoln Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lincoln Park 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 Lincoln Park's effective property tax rate to other areas in Wayne County and the national median. For comparison, the 48146 zip code has the highest median property tax rate of 1.25%, while the same zip code also has the lowest median tax rate of 1.25%. Understanding how these cities compare with Lincoln Park 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 Lincoln Park Tax Rate
1.25%
Average Wayne County Tax Rate
1.44%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lincoln Park, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48146 | 1.08% | 1.15% | 1.25% | 1.69% | 2.12% |
Source: Ownwell
Property Tax Assessment Values Across Lincoln Park, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lincoln Park, 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 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 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. Being aware of these valuation processes in Lincoln Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Lincoln Park, the zip code 48146 has both the highest and lowest median tax bill at $1,550, which is significantly above the national median property tax rate of 0.99%. The median home price in the area is $115,600, with tax bills ranging from $1,293 at the 25th percentile to $2,649 at the 90th percentile.
Average Lincoln Park Assessed Value
$115,600
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 Lincoln Park, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48146 | $86,400 | $100,400 | $115,600 | $132,200 | $153,600 |
Source: Ownwell
Property Tax Bills Across Lincoln Park, Michigan
In Lincoln Park, MI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $115,600, homeowners can expect a tax bill around the national median property tax rate of 0.99%. However, in Lincoln Park, the tax bills can vary significantly. For example, the 25th percentile tax bill is $1,293, while the 75th percentile tax bill reaches $1,991, and the 90th percentile hits $2,649. These variations are influenced by several factors, including property location, improvements, and local government budgets. Homeowners in the highest median tax bill zip code, 48146, pay around $1,550. Understanding these factors helps homeowners anticipate their tax obligations, plan their finances, and potentially seek exemptions or appeals if they believe their property is over-assessed. This local variation in tax bills highlights the importance of staying informed about property tax rates and assessments in Lincoln Park.
Average Lincoln Park Tax Bill
$1,550
Average Wayne County Tax Bill
$1,625
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Lincoln Park, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48146 | $1,093 | $1,293 | $1,550 | $1,991 | $2,649 |
Source: Ownwell