Taylor, Michigan Property Taxes
The median property tax rate in Taylor, MI is 1.34%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Taylor, the typical annual property tax bill reaches $1,894, which is below the national median of $2,690. Property taxes in Taylor 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 Taylor'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 Taylor 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
Taylor, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.34%
Estimate Property Tax Bill
$1,814
Ownwell’s Taylor Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Taylor with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Taylor 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 Taylor, Michigan
Property taxes in Taylor, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Taylor is 1.34%, which is higher than the U.S. national median of 0.99%. Local government entities within Taylor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Taylor 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 Taylor's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48180 zip code has the highest median property tax rate of 1.34%, while the same zip code also has the lowest median tax rate of 1.34%. Understanding how these cities compare with Taylor 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 Taylor Tax Rate
1.34%
Average Wayne County Tax Rate
1.44%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Taylor, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48180 | 1.11% | 1.18% | 1.34% | 1.74% | 2.07% |
Source: Ownwell
Property Tax Assessment Values Across Taylor, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Taylor, 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. In Taylor, 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 Taylor helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $135,400, with tax bills ranging from $1,508 at the 25th percentile to $3,227 at the 90th percentile, with the highest and lowest median tax bills both being $1,894 in zip code 48180.
Average Taylor Assessed Value
$135,400
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 Taylor, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48180 | $84,400 | $105,200 | $135,400 | $167,200 | $208,200 |
Source: Ownwell
Property Tax Bills Across Taylor, Michigan
In Taylor, MI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. Homeowners in Taylor can expect varying tax bills depending on their property's assessed value and the local tax rate. For instance, with a median home price of $135,400, the property tax bill can range significantly. At the 25th percentile, homeowners might pay around $1,508, while those at the 75th percentile could see bills as high as $2,427. The 90th percentile tax bill reaches approximately $3,227. Local government and school district funding needs, as well as specific county levies, also influence the total tax amount. This variability means that while some homeowners might find their property taxes manageable, others could face a more substantial financial burden. Comparatively, Taylor's property tax rates can be higher than the national median property tax rate of 0.99%, impacting homeowners' overall cost of living and financial planning.
Average Taylor Tax Bill
$1,894
Average Wayne County Tax Bill
$1,625
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Taylor, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48180 | $1,192 | $1,508 | $1,894 | $2,427 | $3,227 |
Source: Ownwell