Beaver Island, Michigan Property Taxes
The median property tax rate in Beaver Island, MI is 0.43%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Beaver Island at $178,700, the typical annual property tax bill is $743, well below the national median of $2,690. Property taxes in Beaver Island 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 Beaver Island'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 Beaver Island or another part of Charlevoix County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Beaver Island, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.43%
Estimate Property Tax Bill
$768
Ownwell’s Beaver Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Beaver Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Beaver Island 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 Beaver Island, Michigan
Property taxes in Beaver Island, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Beaver Island is 0.43%, which is significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Beaver Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Beaver Island 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 Beaver Island's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49782 zip code has both the highest and the lowest median property tax rate of 0.43%. Understanding how these cities compare with Beaver Island provides valuable insights into the varying tax landscape across Charlevoix County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Beaver Island Tax Rate
0.43%
Average Charlevoix County Tax Rate
0.50%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Beaver Island, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49782 | 0.31% | 0.38% | 0.43% | 0.48% | 0.53% |
Source: Ownwell
Property Tax Assessment Values Across Beaver Island, Michigan
In Beaver Island, 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 Charlevoix 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 Beaver Island, 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 Beaver Island helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Beaver Island are both $743.00, found in zip code 49782.
Property Tax Assessment Values Across Beaver Island, Michigan
Source: Ownwell
$141,400
$303,400
$465,400
Average Beaver Island Assessed Value
$178,700
Average Charlevoix County Assessed Value
$226,100
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Beaver Island, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49782 | $45,180 | $91,300 | $178,700 | $292,650 | $402,140 |
Source: Ownwell
Property Tax Bills Across Beaver Island, Michigan
Property tax bills in Beaver Island, located in Charlevoix County, MI, are determined based on the assessed value of a property, which is a percentage of its market value. The median home price in Beaver Island is $178,700. The property tax rate in this area is influenced by local government budgets, school funding, and other municipal needs. Homeowners in Beaver Island can expect their tax bills to vary widely; for instance, the tax bill at the 25th percentile is $391, while at the 75th percentile, it reaches $1247. At the 90th percentile, the tax bill can soar to $1707. The median tax bill is $743, which is relatively lower compared to the national median property tax rate of 0.99%. These tax bills directly impact homeowners by influencing their annual expenses and potentially affecting property values. Understanding these factors helps homeowners budget more effectively and anticipate future financial obligations.
Average Beaver Island Tax Bill
$743
Average Charlevoix County Tax Bill
$1,211
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Beaver Island, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49782 | $178 | $391 | $743 | $1,247 | $1,707 |
Source: Ownwell