Boyne City, Michigan Property Taxes
The median property tax rate in Boyne City, MI is 0.48%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $229,400, the typical annual property tax bill in Boyne City amounts to $1,344, which is well below the national median of $2,690. Property taxes in Boyne City are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Boyne City'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 Boyne City 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
Boyne City, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$1,101
Ownwell’s Boyne City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Boyne City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Boyne City 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 Charlevoix County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Boyne City, Michigan
Property taxes in Boyne City, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Boyne City is 0.48%, which is lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Boyne City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Boyne City 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 Boyne City's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49712 zip code has the highest median property tax rate of 0.48%, while the same zip code also has the lowest median tax rate of 0.48%. Understanding how these cities compare with Boyne City provides valuable insights into the varying tax landscape across Charlevoix County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Boyne City Tax Rate
0.48%
Average Charlevoix County Tax Rate
0.50%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Boyne City, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49712 | 0.26% | 0.34% | 0.48% | 0.99% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Boyne City, Michigan
In Boyne City, 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 Charlevoix 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 Boyne City, 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. The median home price in Boyne City is $229,400, with tax bills ranging from $703 at the 25th percentile to $5,211 at the 90th percentile. The highest and lowest median tax bills are both $1,344 in the 49712 zip code. Being aware of these valuation processes in Boyne City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Boyne City Assessed Value
$229,400
Average Charlevoix County Assessed Value
$226,100
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Boyne City, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49712 | $49,000 | $129,000 | $229,400 | $414,200 | $798,960 |
Source: Ownwell
Property Tax Bills Across Boyne City, Michigan
In Boyne City, located in Charlevoix 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 typically reflects a percentage of the property's market value. Homeowners in Boyne City can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is $703, while the 75th percentile reaches up to $2629, and the 90th percentile can be as high as $5211. These tax bills are influenced by factors such as the property's assessed value, local tax rates, and any applicable exemptions or deductions. The median home price in Boyne City is $229,400, which can give homeowners an idea of what to expect. Compared to the national median property tax rate of 0.99%, Boyne City's property taxes can be a substantial expense, impacting homeowners' overall financial planning and housing affordability.
Average Boyne City Tax Bill
$1,344
Average Charlevoix County Tax Bill
$1,211
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Boyne City, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49712 | $374 | $703 | $1,344 | $2,629 | $5,211 |
Source: Ownwell