Cheboygan, Michigan Property Taxes
The median property tax rate in Cheboygan, MI is 0.74%, considerably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Cheboygan at $139,400, the typical annual property tax bill reaches $1,006, significantly below the national median of $2,690. Property taxes in Cheboygan 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 Cheboygan'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 Cheboygan 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
Cheboygan, 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 Cheboygan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cheboygan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cheboygan 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 Cheboygan, Michigan
Property taxes in Cheboygan, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cheboygan is 0.74%, lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Cheboygan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cheboygan 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 Cheboygan's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49721 zip code has the highest median property tax rate of 0.74%, while the 49721 zip code also has the lowest median tax rate of 0.74%. Understanding how these cities compare with Cheboygan provides valuable insights into the varying tax landscape across Cheboygan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cheboygan Tax Rate
0.74%
Average Cheboygan County Tax Rate
0.50%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cheboygan, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49721 | 0.39% | 0.48% | 0.74% | 1.25% | 1.63% |
Source: Ownwell
Property Tax Assessment Values Across Cheboygan, Michigan
In Cheboygan, 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 local 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 Cheboygan, 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. The median home price in Cheboygan is $139,400, with tax bills ranging from $594 at the 25th percentile to $1,767 at the 75th percentile, and up to $3,329 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 49721, at $1,006. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cheboygan Assessed Value
$139,400
Average Cheboygan County Assessed Value
$151,800
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cheboygan, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49721 | $34,200 | $82,000 | $139,400 | $238,400 | $404,700 |
Source: Ownwell
Property Tax Bills Across Cheboygan, Michigan
In Cheboygan, MI, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the market value, which is periodically evaluated by the local tax assessor. For example, with a median home price of $139,400, homeowners in Cheboygan might expect their tax bills to vary widely. The 25th percentile tax bill is around $594, while the 75th percentile reaches up to $1,767, and the 90th percentile can soar to $3,329. These figures reflect the diverse range of property values and tax rates within the area. The highest median tax bill in Cheboygan is recorded at $1,006, which is significantly lower than the national median property tax rate of 0.99%. This variation in tax bills affects homeowners by influencing their overall housing costs, potentially impacting affordability and long-term financial planning. Understanding these factors can help homeowners better anticipate and manage their property tax obligations.
Average Cheboygan Tax Bill
$1,006
Average Cheboygan County Tax Bill
$843
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Cheboygan, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49721 | $291 | $594 | $1,006 | $1,767 | $3,329 |
Source: Ownwell