Cadillac, Michigan Property Taxes
The median property tax rate in Cadillac, MI is 0.43%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $41,400 in Cadillac, the typical annual property tax bill is $165, which is well below the national median of $2,690. Property taxes in Cadillac are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Cadillac'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 Cadillac 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
Cadillac, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.43%
Estimate Property Tax Bill
$178
Ownwell’s Cadillac Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cadillac with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cadillac 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 Cadillac, Michigan
Property taxes in Cadillac, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cadillac is 0.43%, significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Cadillac set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cadillac 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 Cadillac's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49601 zip code has the highest median property tax rate of 0.43%, while the same 49601 zip code also has the lowest median tax rate of 0.43%. Understanding how these cities compare with Cadillac provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cadillac Tax Rate
0.43%
Average Lake County Tax Rate
0.38%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cadillac, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49601 | 0.35% | 0.36% | 0.43% | 0.49% | 0.50% |
Source: Ownwell
Property Tax Assessment Values Across Cadillac, Michigan
In Cadillac, 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 Cadillac, 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 Cadillac helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Cadillac is $41,400, with the highest median tax bill being $165 in the 49601 zip code.
Average Cadillac Assessed Value
$41,400
Average Lake County Assessed Value
$80,200
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cadillac, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49601 | $14,480 | $27,800 | $41,400 | $56,600 | $135,600 |
Source: Ownwell
Property Tax Bills Across Cadillac, Michigan
Property tax bills in Cadillac, located in Lake County, MI, are calculated based on the assessed value of a property, which is determined by local assessors. The median home price in Cadillac is $41,400. Property taxes are then applied to this assessed value at the local tax rate. For Cadillac, the median tax bill stands at $165, which aligns with the highest and lowest median tax bills in the area. Factors influencing the tax bill include the property's market value, assessment ratio, and the local tax rate. Homeowners in Cadillac can expect tax bills ranging from $102 at the 25th percentile to $575 at the 90th percentile. These taxes fund essential public services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Cadillac's rates offer a relatively affordable option for homeowners, contributing to the region's appeal. Understanding these factors can help homeowners better anticipate their annual property tax obligations and plan their finances accordingly.
Average Cadillac Tax Bill
$165
Average Lake County Tax Bill
$302
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Cadillac, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49601 | $54 | $102 | $165 | $272 | $575 |
Source: Ownwell