Petoskey, Michigan Property Taxes
The median property tax rate in Petoskey, MI is 0.33%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value in Petoskey of $376,400, the typical annual property tax bill is $1,459, well below the national median of $2,690. Property taxes in Petoskey are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Petoskey'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 Petoskey 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
Petoskey, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.33%
Estimate Property Tax Bill
$1,242
Ownwell’s Petoskey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Petoskey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Petoskey 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 Petoskey, Michigan
Property taxes in Petoskey, Michigan, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Petoskey is 0.33%, which is significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Petoskey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Petoskey 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 Petoskey's effective property tax rate to other counties in Michigan and the national median. For comparison, the highest median property tax rate in the region is found in zip code 26029, with a rate of 0.33%, while other areas may have different rates. Understanding how these cities compare with Petoskey 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 Petoskey Tax Rate
0.33%
Average Charlevoix County Tax Rate
0.50%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Petoskey, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49770 | 0.20% | 0.24% | 0.33% | 0.39% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Petoskey, Michigan
In Petoskey, 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 Petoskey, 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 Petoskey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Petoskey, the zip code 49770 has the highest median tax bill at $1,459, which is notably below the national median property tax rate of 0.99%.
Average Petoskey Assessed Value
$376,400
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 Petoskey, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49770 | $178,440 | $251,900 | $376,400 | $1,531,750 | $2,350,520 |
Source: Ownwell
Property Tax Bills Across Petoskey, Michigan
In Petoskey, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Petoskey, located in Charlevoix County, the median home price is $376,400. The tax bills in this area can vary significantly. For instance, the 25th percentile tax bill is $754, while the 75th percentile tax bill is $3,930. At the higher end, the 90th percentile tax bill reaches $7,347. These variations in tax bills are influenced by factors such as property size, location, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, the property taxes in Petoskey can be relatively high, especially for homes at the higher end of the market. This can significantly impact homeowners, potentially making homeownership more costly and affecting overall affordability.
Average Petoskey Tax Bill
$1,459
Average Charlevoix County Tax Bill
$1,211
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Petoskey, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49770 | $572 | $754 | $1,459 | $3,930 | $7,347 |
Source: Ownwell