Walloon Lake, Michigan Property Taxes
The median property tax rate in Walloon Lake, MI is 0.30%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Walloon Lake at $465,400, the typical annual property tax bill amounts to $1,516, which is well below the national median of $2,690. Property taxes in Walloon Lake 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 Walloon 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 Walloon Lake 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
Walloon Lake, 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 Walloon Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Walloon Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Walloon 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 Charlevoix County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Walloon Lake, Michigan
Property taxes in Walloon 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 Walloon Lake is 0.30%, significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Walloon Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walloon 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 Walloon Lake's effective property tax rate to other counties in Michigan and the national median. For comparison, the highest median property tax rate within the region is significantly higher than Walloon Lake's, while the lowest median tax rate is also above Walloon Lake's rate. Understanding how these cities compare with Walloon Lake 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 Walloon Lake Tax Rate
0.30%
Average Charlevoix County Tax Rate
0.50%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Walloon Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49796 | 0.16% | 0.22% | 0.30% | 0.39% | 0.45% |
Source: Ownwell
Property Tax Assessment Values Across Walloon Lake, Michigan
In Walloon 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 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 Walloon 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. Walloon Lake's median home price is $465,400, with tax bills ranging from $724 at the 25th percentile to $6,925 at the 90th percentile. The highest and lowest median tax bill in the area is $1,516, found in the 49796 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 Walloon Lake Assessed Value
$465,400
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 Walloon Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49796 | $168,840 | $229,800 | $465,400 | $1,367,400 | $2,122,240 |
Source: Ownwell
Property Tax Bills Across Walloon Lake, Michigan
In Walloon Lake, Charlevoix County, MI, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. This assessed value is typically a percentage of the property's market value. Tax rates, known as millage rates, are then applied to the assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location, its assessed value, and any applicable exemptions or deductions. For instance, the median home price in Walloon Lake is $465,400, and tax bills can vary significantly. Homeowners in the 25th percentile pay around $724, while those in the 75th percentile face bills of approximately $3,642. At the 90th percentile, tax bills can reach up to $6,925. These property taxes fund essential local services, such as schools, public safety, and infrastructure, directly impacting the community's quality of life. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Walloon Lake Tax Bill
$1,516
Average Charlevoix County Tax Bill
$1,211
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Walloon Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49796 | $489 | $724 | $1,516 | $3,642 | $6,925 |
Source: Ownwell