Lake, Michigan Property Taxes
The median property tax rate in Lake, Michigan is 0.35%, considerably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Lake at $84,600, the typical annual property tax bill is $278, significantly below the national median of $2,690. Property taxes in Lake 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 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 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
Lake, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.35%
Estimate Property Tax Bill
$296
Ownwell’s Lake Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lake, Clare County, Michigan, with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in 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 the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Lake, Michigan
Property taxes in 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 Lake is 0.35%, significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, 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 Lake's effective property tax rate to other counties in Michigan and the national median. For comparison, the highest median property tax rate in Michigan is found in Wayne County at 2.18%, while the lowest median tax rate is in Alcona County at 0.87%. Understanding how these cities compare with Lake provides valuable insights into the varying tax landscape across Clare County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Tax Rate
0.35%
Average Clare County Tax Rate
0.40%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48632 | 0.24% | 0.29% | 0.35% | 0.40% | 0.44% |
Source: Ownwell
Property Tax Assessment Values Across Lake, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lake, Michigan. 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 Clare 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 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. Being aware of these valuation processes in Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 48632 has the highest and lowest median tax bill, both at $278, highlighting the importance of understanding your specific property’s valuation.
Average Lake Assessed Value
$84,600
Average Clare County Assessed Value
$85,200
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48632 | $22,200 | $41,546 | $84,600 | $155,322 | $241,880 |
Source: Ownwell
Property Tax Bills Across Lake, Michigan
In Lake, Clare County, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value typically represents 50% of the property's market value. For instance, with a median home price of $84,600, the assessed value would be approximately $42,300. The property tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the local tax rate, any applicable exemptions, and the property's assessed value. In Lake, the tax bill varies significantly, with the 25th percentile at $135 and the 75th percentile at $532. Homeowners in the 90th percentile can see tax bills as high as $858. The highest median tax bill in the area is $278, which is relatively modest compared to the national median property tax rate of 0.99%. These property tax bills directly impact homeowners by affecting their annual housing costs and overall financial planning.
Average Lake Tax Bill
$278
Average Clare County Tax Bill
$399
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48632 | $72 | $135 | $278 | $532 | $858 |
Source: Ownwell