Central Lake, Michigan Property Taxes
The median property tax rate in Central Lake, MI is 0.69%, which is notably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $207,000 in Central Lake, the typical annual property tax bill amounts to $1,246, falling below the national median of $2,690. Property taxes in Central Lake are calculated based on the tax assessed value, which often is less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Central Lake'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 Central Lake or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Central Lake, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$1,428
Ownwell’s Central Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Central Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Central Lake 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 Central Lake, Michigan
Property taxes in Central Lake, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Central Lake is 0.69%, which is below the U.S. national median of 0.99%. Local government entities within Central Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Central Lake 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 Central Lake's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49622 zip code has the highest median property tax rate of 0.69%, while the same zip code also has the lowest median tax rate of 0.69%. Understanding how these cities compare with Central Lake provides valuable insights into the varying tax landscape across Antrim County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Central Lake Tax Rate
0.69%
Average Antrim County Tax Rate
0.72%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Central Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49622 | 0.30% | 0.40% | 0.69% | 1.06% | 1.38% |
Source: Ownwell
Property Tax Assessment Values Across Central Lake, Michigan
In Central Lake, 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 Antrim 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 Central Lake, 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 Central Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $1,246, found in the 49622 zip code.
Average Central Lake Assessed Value
$207,000
Average Antrim County Assessed Value
$211,000
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Central Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49622 | $62,380 | $113,850 | $207,000 | $388,650 | $672,200 |
Source: Ownwell
Property Tax Bills Across Central Lake, Michigan
In Central Lake, MI, within Antrim County, property tax bills are calculated based on the assessed value of the property, which is typically half of its market value. For a median home price of $207,000, the assessed value would be approximately $103,500. The local tax rate is then applied to this assessed value to determine the tax bill. Factors influencing the tax bill include the property's market value, local tax rates, and any applicable exemptions or deductions. For instance, tax bills in Central Lake range from the 25th percentile at $684 to the 75th percentile at $2,701, with the 90th percentile reaching $5,532. These property taxes significantly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Comparatively, the median tax bill in Central Lake aligns closely with the national median property tax rate of 0.99%, ensuring that homeowners receive essential community benefits while maintaining a manageable tax burden.
Average Central Lake Tax Bill
$1,246
Average Antrim County Tax Bill
$1,488
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Central Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49622 | $401 | $684 | $1,246 | $2,701 | $5,532 |
Source: Ownwell