48807 Property Tax Rate

Property owners in ZIP code 48807 (Bannister, Michigan) pay a median of $1,500/year in property taxes on homes valued at $103,500. This translates to an effective tax rate of 1.45%, which is 19% above the Michigan state average of 1.22%.

The monthly property tax burden for a median-valued home in 48807 is approximately $125, which factors into escrow payments on mortgages. This ZIP code is located within Gratiot County. This is $926 less than the Michigan average of $2,426/year.

Compared to similar ZIP codes in Michigan, 48807 has higher property taxes. ZIP codes with similar effective rates include 48837 (1.45%) and 48634 (1.45%).

In Bannister, property taxes represent approximately 2.5% of the median household income of $59,468, providing context for the relative tax burden on homeowners in this area.

If you're considering purchasing a home in 48807, keep in mind that property taxes are based on the assessed value assigned by the local assessor, which may differ from the purchase price. In some states, properties are reassessed at or near the sale price upon transfer of ownership. For the most current tax information for a specific property, consult Gratiot County's tax assessor directly.