Frankfort, Michigan Property Taxes
The median property tax rate in Frankfort, MI is 0.87%, which is lower than both the national median of 0.99% and Michigan's state median of 1.07%. With the median home value in Frankfort at $322,000, the typical annual property tax bill reaches $2,631, slightly below the national median of $2,690. Property taxes in Frankfort are calculated based on the assessed value, which often falls below market value due to exemptions like the primary residence and agricultural exemptions. Understanding Frankfort'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 Frankfort or another part of Benzie County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Frankfort, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$2,801
Ownwell’s Frankfort Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Frankfort with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Frankfort 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 Frankfort, Michigan
Property taxes in Frankfort, Michigan, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Frankfort is 0.87%, which is lower than the U.S. national median of 0.99%. Local government entities within Frankfort set these rates annually, and they can vary significantly across different neighborhoods. Each year, Frankfort 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 Frankfort's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49635 zip code has the highest median property tax rate of 0.87%, while the 49635 zip code also has the lowest median tax rate of 0.87%. Understanding how these cities compare with Frankfort provides valuable insights into the varying tax landscape across Benzie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Frankfort Tax Rate
0.87%
Average Benzie County Tax Rate
0.34%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Frankfort, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49635 | 0.34% | 0.49% | 0.87% | 1.32% | 1.63% |
Source: Ownwell
Property Tax Assessment Values Across Frankfort, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Frankfort, MI. 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 Benzie 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 Frankfort, 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 Frankfort helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Frankfort are both $2,631, found in the 49635 zip code.
Average Frankfort Assessed Value
$322,000
Average Benzie County Assessed Value
$250,400
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Frankfort, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49635 | $119,820 | $194,600 | $322,000 | $578,300 | $1,010,780 |
Source: Ownwell
Property Tax Bills Across Frankfort, Michigan
In Frankfort, located in Benzie County, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is typically a percentage of the market value of the property. Homeowners in Frankfort can expect their tax bills to vary significantly depending on the value of their property. For instance, the median home price in Frankfort is $322,000. The tax bill at the 25th percentile is $1,293, while at the 75th percentile, it reaches $5,540, and at the 90th percentile, it climbs to $9,787. These figures highlight the wide range of property tax bills that homeowners might face. Compared to the national median property tax rate of 0.99%, Frankfort's property tax bills can be relatively high, especially for higher-valued properties. Understanding these factors is crucial for homeowners as they can significantly impact annual household expenses and overall financial planning.
Average Frankfort Tax Bill
$2,631
Average Benzie County Tax Bill
$868
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Frankfort, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49635 | $732 | $1,293 | $2,631 | $5,540 | $9,787 |
Source: Ownwell