Lake City, Michigan Property Taxes
The median property tax rate in Lake City, MI is 1.06%, slightly higher than the national median of 0.99% but just below Michigan's state median of 1.07%. With a median home value of $114,600 in Lake City, the typical annual property tax bill amounts to $1,181, which is lower than the national median of $2,690. Property taxes here are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Grasping Lake City's property tax system, exploring available exemptions, and finding opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Lake City or another part of Missaukee County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lake City, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$1,215
Ownwell’s Lake City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake 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 the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Lake City, Michigan
Property taxes in Lake City, Michigan, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake City is 1.06%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Lake City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake 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 Lake City's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49651 zip code has the highest median property tax rate of 1.06%, while the same zip code also has the lowest median tax rate of 1.06%. Understanding how these cities compare with Lake City provides valuable insights into the varying tax landscape across Missaukee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake City Tax Rate
1.06%
Average Missaukee County Tax Rate
0.95%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake City, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49651 | 0.68% | 0.81% | 1.06% | 1.44% | 1.74% |
Source: Ownwell
Property Tax Assessment Values Across Lake City, Michigan
In Lake 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 Missaukee 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 Lake 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. Being aware of these valuation processes in Lake City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lake City is $114,600, with the median tax bill at $1,181, and zip code 49651 having both the highest and lowest median tax bills at $1,181.
Average Lake City Assessed Value
$114,600
Average Missaukee County Assessed Value
$117,600
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake City, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49651 | $33,920 | $60,800 | $114,600 | $201,800 | $326,360 |
Source: Ownwell
Property Tax Bills Across Lake City, Michigan
In Lake City, located in Missaukee County, MI, property tax bills are determined by a combination of the assessed value of the property and the local tax rate. The assessed value is typically a percentage of the market value of the home. For instance, with a median home price of $114,600, the assessed value forms the basis for calculating the tax bill. Local tax rates then apply to this assessed value to generate the final tax bill. Homeowners in Lake City experience a range of tax bills. For example, the 25th percentile tax bill is around $651, while those in the 75th percentile pay approximately $2,100. At the higher end, the 90th percentile tax bill reaches up to $3,899. This variability in tax bills reflects differences in property values and the specific tax rates applied. Compared to the national median property tax rate of 0.99%, the property taxes in Lake City can significantly impact homeowners, influencing their overall cost of living and financial planning.
Average Lake City Tax Bill
$1,181
Average Missaukee County Tax Bill
$1,099
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake City, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49651 | $353 | $651 | $1,181 | $2,100 | $3,899 |
Source: Ownwell