Elberta, Michigan Property Taxes
The median property tax rate in Elberta, MI is 0.61%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $129,000 in Elberta, the typical annual property tax bill amounts to $563, which is well below the national median of $2,690. Property taxes in Elberta 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 Elberta'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 Elberta or another part of Benzie County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elberta, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$787
Ownwell’s Elberta Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elberta with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elberta 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 Elberta, Michigan
Property taxes in Elberta, Michigan, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elberta is 0.61%, which is lower than the U.S. national median of 0.99%. Local government entities within Elberta set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elberta 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 Elberta's effective property tax rate to other counties in Michigan and the national median. For comparison, the zip code 49628 has both the highest and lowest median property tax rate of 0.61%. Understanding how these areas compare with Elberta provides valuable insights into the varying tax landscape across Benzie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elberta Tax Rate
0.61%
Average Benzie County Tax Rate
0.34%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elberta, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49628 | 0.21% | 0.32% | 0.61% | 1.16% | 1.54% |
Source: Ownwell
Property Tax Assessment Values Across Elberta, Michigan
In Elberta, 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 Benzie 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 Elberta, 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 Elberta helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $563, found in the 49628 zip code.
Average Elberta Assessed Value
$129,000
Average Benzie County Assessed Value
$250,400
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elberta, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49628 | $15,520 | $78,400 | $129,000 | $181,800 | $237,400 |
Source: Ownwell
Property Tax Bills Across Elberta, Michigan
In Elberta, 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 Elberta stands at $129,000. Property tax rates in this area are influenced by various factors including local government budgets, school funding, and public services. Homeowners in Elberta can expect their tax bills to vary significantly, with the 25th percentile tax bill at $263 and the 75th percentile tax bill reaching $1,109. For those in the 90th percentile, tax bills can go as high as $2,070. The median property tax bill in Elberta is $563, which is relatively lower compared to the national median property tax rate of 0.99%. This lower tax burden can make homeownership more affordable in Elberta, attracting potential buyers and fostering community growth. However, the variability in tax bills means that individual assessments can differ widely, impacting financial planning for homeowners.
Average Elberta Tax Bill
$563
Average Benzie County Tax Bill
$868
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Elberta, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49628 | $168 | $263 | $563 | $1,109 | $2,070 |
Source: Ownwell