Interlochen, Michigan Property Taxes
The median property tax rate in Interlochen, MI is 0.30%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Interlochen, the typical annual property tax bill is $674, well below the national median of $2,690. Property taxes in Interlochen 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. Understanding Interlochen's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Interlochen or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Interlochen, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.3%
Estimate Property Tax Bill
$675
Ownwell’s INTERLOCHEN Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in INTERLOCHEN with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in INTERLOCHEN 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 Interlochen, Michigan
Property taxes in Interlochen, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Interlochen is 1.42%, higher than both the Michigan state median of 1.31% and the U.S. national median of 0.99%. Local government entities within Interlochen set these rates annually, and they can vary significantly across different neighborhoods. Each year, Interlochen 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 Interlochen'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 2.52%, while the lowest median tax rate is 0.87%. Understanding how these cities compare with Interlochen 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 Interlochen Tax Rate
0.30%
Average Benzie County Tax Rate
0.34%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Interlochen, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49643 | 0.23% | 0.27% | 0.30% | 0.37% | 0.42% |
Source: Ownwell
Property Tax Assessment Values Across Interlochen, Michigan
In Interlochen, 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 Interlochen, 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. For instance, the median home price in Interlochen is $225,000, with property tax bills ranging from $437 at the 25th percentile to $1,351 at the 90th percentile. Notably, the zip code 49643 has the highest median tax bill of $674. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Interlochen Assessed Value
$225,000
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 Interlochen, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49643 | $87,360 | $145,700 | $225,000 | $305,000 | $386,440 |
Source: Ownwell
Property Tax Bills Across Interlochen, Michigan
In Interlochen, Benzie County, MI, property tax bills are calculated based on the assessed value of your home, which is a percentage of its market value. The local tax rate, which is applied to this assessed value, determines the final tax bill. For instance, with a median home price of $225,000, homeowners can expect a range of tax bills. The 25th percentile tax bill is $437, indicating that lower-valued properties are taxed less. Conversely, the 75th percentile tax bill is $993, and the 90th percentile tax bill reaches $1,351, reflecting higher-valued properties. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for evaluating local tax rates. Homeowners in Interlochen benefit from understanding these factors, as they directly impact their annual financial planning. By knowing how the assessed value and local tax rates affect their property tax bills, homeowners can better anticipate their obligations and potentially seek exemptions or appeals if they believe their property has been over-assessed.
Average Interlochen Tax Bill
$674
Average Benzie County Tax Bill
$868
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Interlochen, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49643 | $224 | $437 | $674 | $993 | $1,351 |
Source: Ownwell