Levering, Michigan Property Taxes
The median property tax rate in Levering, MI is 0.87%, which is lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Levering at $135,400, the typical annual property tax bill reaches $1,169, falling below the national median of $2,690. Property taxes in Levering are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Levering'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 Levering or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Levering, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$1,178
Ownwell’s Levering Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Levering with just two data points. By entering your property's estimated assessed value, the calculator utilizes the median tax rate in Levering to provide an accurate property tax bill estimate. This invaluable tool aids in understanding potential tax liabilities. For those interested in more detailed trends at a neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Levering, Michigan
Property taxes in Levering, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Levering is 0.87%, lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Levering set these rates annually, and they can vary significantly across different neighborhoods. Each year, Levering 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 Levering's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49755 zip code has the highest median property tax rate of 0.87%, while the same 49755 zip code also has the lowest median tax rate of 0.87%. Understanding how these cities compare with Levering provides valuable insights into the varying tax landscape across Emmet County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Levering Tax Rate
0.87%
Average Emmet County Tax Rate
0.97%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Levering, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49755 | 0.58% | 0.70% | 0.87% | 1.27% | 1.66% |
Source: Ownwell
Property Tax Assessment Values Across Levering, Michigan
In Levering, 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 Emmet 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 Levering, 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 Levering helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Levering are both $1,169, found in the zip code 49755.
Average Levering Assessed Value
$135,400
Average Emmet County Assessed Value
$259,800
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Levering, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49755 | $44,560 | $80,500 | $135,400 | $205,900 | $271,960 |
Source: Ownwell
Property Tax Bills Across Levering, Michigan
In Levering, MI, 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 a percentage of the market value of the property. The tax rate, or millage rate, is then applied to the assessed value to determine the annual tax bill. Various factors influence the assessed value, including the home's size, location, and condition. Homeowners in Levering can expect varying tax bills depending on these assessed values. For instance, the 25th percentile tax bill is approximately $748, while the 75th percentile reaches around $1,755. The 90th percentile tax bill can be as high as $2,598. The median home price in Levering is $135,400, which provides a basis for these calculations. Compared to the national median property tax rate of 0.99%, Levering's property taxes can significantly impact homeowners, especially those with homes assessed at higher values. Understanding these factors helps homeowners anticipate their annual property tax obligations and manage their finances accordingly.
Average Levering Tax Bill
$1,169
Average Emmet County Tax Bill
$2,560
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Levering, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49755 | $468 | $748 | $1,169 | $1,755 | $2,598 |
Source: Ownwell