Honor, Michigan Property Taxes
The median property tax rate in Honor, MI is 0.31%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Honor at $241,500, the typical annual property tax bill is $742, well below the national median of $2,690. Property taxes in Honor are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. By understanding Honor's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners can achieve substantial annual savings. Whether you're in the heart of Honor or another part of Benzie County, grasping the local property tax system is advantageous for both homeowners and real estate investors alike.
Last Updated June 14, 2024
Honor, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.31%
Estimate Property Tax Bill
$749
Ownwell’s HONOR Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in HONOR with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in HONOR 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 Honor, Michigan
Property taxes in Honor, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Honor is 0.31%, which is lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Honor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Honor 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 Honor's effective property tax rate to other counties in Michigan and the national median. For comparison, the highest median property tax rate in Michigan is 1.83%, while the lowest median tax rate is 0.31%. Understanding how these cities compare with Honor 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 Honor Tax Rate
0.31%
Average Benzie County Tax Rate
0.34%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Honor, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49640 | 0.20% | 0.25% | 0.31% | 0.37% | 0.44% |
Source: Ownwell
Property Tax Assessment Values Across Honor, Michigan
In Honor, 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 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 Honor, 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 Honor helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Honor is $742 in the 49640 zip code, while the lowest median tax bill is also $742 in the same zip code.
Average Honor Assessed Value
$241,500
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 Honor, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49640 | $98,000 | $152,050 | $241,500 | $413,500 | $634,400 |
Source: Ownwell
Property Tax Bills Across Honor, Michigan
In HONOR, located in Benzie County, MI, property tax bills are calculated based on the assessed value of a home, which is often a percentage of the market value. The median home price in HONOR is $241,500. The tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including local government budgets, school funding needs, and public services. For instance, homeowners in HONOR can expect a tax bill ranging from $442 at the 25th percentile to $2,137 at the 90th percentile, with the highest median tax bill recorded at $742. This method ensures that property taxes are proportionate to the value of the home, impacting homeowners by contributing to essential community services like schools, roads, and emergency services. Understanding these factors can help homeowners anticipate their financial obligations and plan accordingly, ensuring they are prepared for their annual property tax responsibilities.
Average Honor Tax Bill
$742
Average Benzie County Tax Bill
$868
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Honor, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49640 | $261 | $442 | $742 | $1,280 | $2,137 |
Source: Ownwell