Lincoln, Michigan Property Taxes
The median property tax rate in Lincoln, MI is 0.66%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Lincoln at $114,700, the typical annual property tax bill is $882, which is well below the national median of $2,690. Property taxes in Lincoln are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lincoln'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 Lincoln 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
Lincoln, Michigan Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$2,140
Ownwell’s Lincoln Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lincoln with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lincoln 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 Lincoln, Michigan
Property taxes in Lincoln, Michigan, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Lincoln is 0.66%, which is lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Lincoln set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lincoln 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 Lincoln's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48742 zip code has the highest median property tax rate of 0.66%, while the same zip code also has the lowest median tax rate of 0.66%. Understanding how these cities compare with Lincoln provides valuable insights into the varying tax landscape across Alcona County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lincoln Tax Rate
0.66%
Average Alcona County Tax Rate
0.72%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lincoln, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48742 | 0.46% | 0.54% | 0.66% | 1.27% | 1.34% |
Source: Ownwell
Property Tax Assessment Values Across Lincoln, Michigan
In Lincoln, 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 Alcona 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 Lincoln, 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 Lincoln helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For example, the highest median tax bill in Lincoln is $882 in zip code 48742, which is also the lowest median tax bill, illustrating the uniformity in tax assessments within the area.
Average Lincoln Assessed Value
$114,700
Average Alcona County Assessed Value
$114,600
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lincoln, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48742 | $51,060 | $79,250 | $114,700 | $158,550 | $211,340 |
Source: Ownwell
Property Tax Bills Across Lincoln, Michigan
In Lincoln, Alcona County, MI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. The median home price in Lincoln is $114,700, and property taxes are determined by applying the local tax rate to the assessed value. For instance, homeowners in Lincoln can expect a median tax bill of $882, which aligns with the tax bills in the 48742 zip code. Factors influencing the tax bill include the home's assessed value, local tax rates, and any applicable exemptions or deductions. For example, the 25th percentile tax bill is $599, while the 75th percentile reaches $1303, and the 90th percentile can go up to $1857. These variations reflect differences in property values and potential exemptions. Compared to the national median property tax rate of 0.99%, Lincoln's property tax rates can significantly impact homeowners, making it essential to understand how local assessments and rates influence their annual tax obligations.
Average Lincoln Tax Bill
$882
Average Alcona County Tax Bill
$819
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Lincoln, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48742 | $383 | $599 | $882 | $1,303 | $1,857 |
Source: Ownwell