Tustin, Michigan Property Taxes
The median property tax rate in Tustin, MI is 1.35%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Tustin, the typical annual property tax bill reaches $1,302, exceeding the national median of $2,690. Property taxes in Tustin 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 Tustin'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 Tustin 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
Tustin, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$1,304
$1,210
Ownwell’s Tustin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tustin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tustin 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 Tustin, Michigan
Property taxes in Tustin, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tustin is 1.35%, notably higher than the U.S. national median of 0.99%. Local government entities within Tustin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tustin 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 Tustin's effective property tax rate to other areas in Michigan and the national median. For comparison, the zip code 49688 has the highest median property tax rate of 1.35%, while the same zip code also has the lowest median tax rate of 1.35%. Understanding how these areas compare with Tustin provides valuable insights into the varying tax landscape across Wexford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tustin Tax Rate
1.35%
Average Wexford County Tax Rate
1.72%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tustin, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49688 | 1.35% | 1.35% | 1.35% | 1.35% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Tustin, Michigan
In Tustin, 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 Wexford 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 Tustin, 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 Tustin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Tustin, the zip code with the highest and lowest median tax bill is 49688, with a tax bill of $1,302.
Average Tustin Assessed Value
$96,600
Average Wexford County Assessed Value
$108,400
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tustin, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49688 | $96,600 | $96,600 | $96,600 | $96,600 | $96,600 |
Source: Ownwell
Property Tax Bills Across Tustin, Michigan
Property tax bills in Tustin, MI, are calculated based on the assessed value of a property, which is determined by the local assessor. This assessed value is a percentage of the property's market value. In Tustin, the median home price is $96,600, and the property tax rate is applied to this assessed value to calculate the annual tax bill. Various factors, such as property size, location, and improvements, are considered in the assessment process. Homeowners in Tustin can expect a median property tax bill of $1,302, which is notably higher than the national median property tax rate of 0.99%. This can impact homeowners by increasing their annual expenses, making it crucial for them to budget accordingly. The consistency in tax bills, with the 25th, 75th, and 90th percentiles all at $1,302, indicates a uniform application of the tax rate across different property values. Understanding these factors can help homeowners better anticipate and manage their property tax obligations.
Average Tustin Tax Bill
$1,302
Average Wexford County Tax Bill
$1,919
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Tustin, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49688 | $1,302 | $1,302 | $1,302 | $1,302 | $1,302 |
Source: Ownwell