Lenox, Michigan Property Taxes
The median property tax rate in Lenox, MI is 0.77%, considerably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Lenox at $269,500, the typical annual property tax bill reaches $2,142, which is below the national median of $2,690. Property taxes in Lenox 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 Lenox'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 Lenox 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
Lenox, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$2,075
Ownwell’s Lenox Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Lenox with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lenox 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 Lenox, Michigan
Property taxes in Lenox, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lenox is 0.77%, lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Lenox set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lenox 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 Lenox's effective property tax rate to other areas in Michigan and the national median. For comparison, the 48050 zip code has the highest median property tax rate of 0.82%, while the 48048 zip code has the lowest median tax rate of 0.69%. Understanding how these areas compare with Lenox provides valuable insights into the varying tax landscape across Macomb County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lenox Tax Rate
0.77%
Average Macomb County Tax Rate
1.19%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lenox, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48048 | 0.49% | 0.55% | 0.69% | 0.89% | 1.08% |
| 48050 | 0.61% | 0.70% | 0.82% | 1.02% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Lenox, Michigan
In Lenox, 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 Macomb 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 Lenox, 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. For instance, the median home price is $269,500, with tax bills ranging from $1,481 at the 25th percentile to $4,091 at the 90th percentile. The highest median tax bill is $2,466 in the 48050 zip code, while the lowest is $1,871 in the 48048 zip code. 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 Lenox helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lenox Assessed Value
$269,500
Average Macomb County Assessed Value
$209,990
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lenox, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48048 | $136,180 | $181,500 | $258,300 | $361,000 | $469,240 |
| 48050 | $171,600 | $220,850 | $281,500 | $364,850 | $491,900 |
Source: Ownwell
Property Tax Bills Across Lenox, Michigan
Property tax bills in Lenox, located in Macomb County, MI, are calculated based on the assessed value of a property, which is typically a percentage of the market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. For instance, with a median home price of $269,500, homeowners in Lenox can expect varying tax bills. At the 25th percentile, the tax bill is around $1,481, while at the 75th percentile, it rises to approximately $2,979. The 90th percentile sees tax bills reaching up to $4,091. Comparatively, the highest median tax bill in the area is $2,466 in the 48050 zip code, while the lowest is $1,871 in the 48048 zip code. These variations affect homeowners by influencing their annual expenses and potentially impacting their decisions regarding property investments and budgeting. Homeowners should be aware of these factors to better manage their financial planning.
Average Lenox Tax Bill
$2,142
Average Macomb County Tax Bill
$2,603
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Lenox, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48048 | $873 | $1,306 | $1,871 | $2,733 | $3,648 |
| 48050 | $1,324 | $1,812 | $2,466 | $3,268 | $4,347 |
Source: Ownwell