Little Lake, Michigan Property Taxes
The median property tax rate in Little Lake, MI is 0.56%, considerably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Little Lake, the typical annual property tax bill reaches $403, falling well below the national median of $2,690. Property taxes in Little 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 Little 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 Little 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
Little Lake, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$450
Ownwell’s Little Lake Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Little Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Little 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 Little Lake, Michigan
Property taxes in Little 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 Little Lake is 0.56%, significantly lower than the U.S. national median of 0.99%. Local government entities within Little Lake set these rates annually, and they can vary across different neighborhoods. Each year, Little 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 Little Lake's effective property tax rate to other areas in Marquette County and the national median. For comparison, the zip code 49833 has the highest median property tax rate of 0.56%, while the same zip code also has the lowest median tax rate of 0.56%. Understanding how these cities compare with Little Lake provides valuable insights into the varying tax landscape across Marquette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Little Lake Tax Rate
0.56%
Average Marquette County Tax Rate
0.46%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Little Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49833 | 0.34% | 0.45% | 0.56% | 0.66% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Little Lake, Michigan
In Little 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 Marquette 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 Little 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 Little Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Little Lake is $80,400, and the median tax bill ranges from $167 at the 25th percentile to $1,409 at the 90th percentile. The highest and lowest median tax bills are both $403, found in the 49833 zip code.
Average Little Lake Assessed Value
$80,400
Average Marquette County Assessed Value
$155,200
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Little Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49833 | $13,360 | $37,200 | $80,400 | $153,300 | $230,200 |
Source: Ownwell
Property Tax Bills Across Little Lake, Michigan
Property tax bills in Little Lake, situated in Marquette County, MI, are calculated based on the assessed value of a property, which is typically a percentage of its market value. The median home price in Little Lake is $80,400, and the tax rate is applied to this assessed value to determine the tax bill. Factors such as local government budgets, public service needs, and school funding requirements influence the tax rate. Homeowners in Little Lake can expect tax bills varying widely. At the 25th percentile, the tax bill is around $167, while at the 75th percentile, it rises to $794. For those at the 90th percentile, the tax bill can be as high as $1,409. Comparatively, the national median property tax rate is 0.99%, highlighting how local rates and home values can significantly affect what homeowners pay. Understanding these factors can help homeowners anticipate their annual tax expenses and plan their finances accordingly.
Average Little Lake Tax Bill
$403
Average Marquette County Tax Bill
$725
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Little Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49833 | $61 | $167 | $403 | $794 | $1,409 |
Source: Ownwell