Vanderbilt, Michigan Property Taxes
The median property tax rate in Vanderbilt, MI is 0.47%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $147,600 in Vanderbilt, the typical annual property tax bill is around $703, which is well below the national median of $2,690. Property taxes in Vanderbilt are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Vanderbilt'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 Vanderbilt 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
Vanderbilt, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$694
Ownwell’s Vanderbilt Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vanderbilt with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vanderbilt 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 Vanderbilt, Michigan
Property taxes in Vanderbilt, MI, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Vanderbilt stands at 0.47%, which is lower than the U.S. national median of 0.99%. Local government entities within Vanderbilt set these rates annually, and they can vary significantly across different neighborhoods. Each year, Vanderbilt 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 Vanderbilt's effective property tax rate to other areas in Charlevoix County and the national median. For comparison, the zip code 49795 has both the highest and lowest median property tax rate of 0.47%. Understanding how these areas compare with Vanderbilt 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 Vanderbilt Tax Rate
0.47%
Average Charlevoix County Tax Rate
0.50%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Vanderbilt, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49795 | 0.29% | 0.36% | 0.47% | 0.90% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Vanderbilt, Michigan
In Vanderbilt, 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 Vanderbilt, 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. Vanderbilt's median home price is $147,600, with tax bills ranging from $427 at the 25th percentile to $2,313 at the 90th percentile. The highest and lowest median tax bills are both $703 in the 49795 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Vanderbilt Assessed Value
$147,600
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 Vanderbilt, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49795 | $44,760 | $78,050 | $147,600 | $222,050 | $365,660 |
Source: Ownwell
Property Tax Bills Across Vanderbilt, Michigan
Property tax bills in Vanderbilt, located in Charlevoix County, MI, are calculated based on the assessed value of the property, which is determined by local assessors. The assessed value is typically a percentage of the market value of the home. For instance, with a median home price of $147,600, the tax bill can vary significantly. Homeowners in the 25th percentile might see a tax bill around $427, while those in the 75th percentile could pay approximately $1,156. At the 90th percentile, tax bills can reach up to $2,313. The tax rate in Vanderbilt is influenced by various factors, including local government budgets, school funding, and public services. These elements collectively determine the tax rate applied to the assessed value. Compared to the national median property tax rate of 0.99%, the property taxes in Vanderbilt can be seen as relatively moderate, providing essential public services without imposing an undue burden on homeowners. This balanced approach helps maintain community infrastructure and services, ensuring a high quality of life for residents.
Average Vanderbilt Tax Bill
$703
Average Charlevoix County Tax Bill
$1,211
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Vanderbilt, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49795 | $275 | $427 | $703 | $1,156 | $2,313 |
Source: Ownwell