48041 Property Tax Rate

Property owners in ZIP code 48041 (Memphis, Michigan) pay a median of $2,760/year in property taxes on homes valued at $296,200. This translates to an effective tax rate of 0.93%, which is 24% below the Michigan state average of 1.22%.

The monthly property tax burden for a median-valued home in 48041 is approximately $230, which factors into escrow payments on mortgages. This ZIP code is located within St. Clair County. This is $334 more than the Michigan average of $2,426/year.

Compared to similar ZIP codes in Michigan, 48041 has lower property taxes. ZIP codes with similar effective rates include 49620 (0.93%) and 49696 (0.93%).

In Memphis, property taxes represent approximately 3.2% of the median household income of $87,599, providing context for the relative tax burden on homeowners in this area.

Under Michigan's Proposal A, your property will be "uncapped" and reassessed to current market value when you purchase, potentially jumping your tax liability significantly from the prior owner's level. St. Clair County offers the Principle Residence Exemption (PRE), which exempts your home from the school operating tax millage (not property tax) if you file; apply through the county assessor or local tax assessor. File your PRE application with the St. Clair County Assessor within the statutory deadline (typically 30 days after closing) to prevent a year of back school operating taxes.