Cadillac, Michigan Property Taxes
The median property tax rate in Cadillac, MI is 0.78%, which is lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $135,800 in Cadillac, the typical annual property tax bill amounts to $1,204, falling below the national median of $2,690. Property taxes in Cadillac are calculated based on the tax assessed value, which often is less than the market value due to various exemptions, such as those for primary residences and agricultural properties. 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, comprehending 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
$2,500,000
$5,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$2,140
Ownwell’s Cadillac Property Tax Bill Calculator is designed to assist homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Cadillac with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Cadillac to provide an estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities. For those interested in more detailed insights, you can explore trends at a neighborhood level by scrolling down for localized information. Your property’s assessed value, determined by the county, is used for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Cadillac, Michigan
Property taxes in Cadillac, Michigan, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Cadillac is 0.78%, slightly lower than 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 0.78%, while the same 49601 zip code also has the lowest median tax rate of 0.78%. Understanding how these cities compare with Cadillac provides valuable insights into the varying tax landscape across Missaukee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cadillac Tax Rate
0.78%
Average Missaukee County Tax Rate
0.95%
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 | 0.61% | 0.68% | 0.78% | 1.11% | 1.70% |
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 Missaukee 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 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 zip code 49601 has both the highest and lowest median tax bills at $1,204, reflecting the unique property dynamics in the area.
Average Cadillac Assessed Value
$135,800
Average Missaukee County Assessed Value
$117,600
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 | $32,000 | $78,700 | $135,800 | $209,300 | $299,400 |
Source: Ownwell
Property Tax Bills Across Cadillac, Michigan
In Cadillac, located in Missaukee County, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Cadillac is $135,800. Property taxes are determined by multiplying the assessed value by the local tax rate. For Cadillac, the tax bills vary significantly; the 25th percentile tax bill is $788, while the 75th percentile tax bill reaches $1,677, and the 90th percentile tax bill can go up to $2,415. Several factors influence the tax bill, including property size, location, and any applicable exemptions or abatements. Homeowners in Cadillac should be aware that their property tax rate may be higher or lower than the national median property tax rate of 0.99%, depending on these factors. Understanding these elements can help homeowners anticipate their financial obligations and plan accordingly. The highest and lowest median tax bills in Cadillac are both $1,204, reflecting the uniformity in tax assessments within the area.
Average Cadillac Tax Bill
$1,204
Average Missaukee County Tax Bill
$1,099
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 | $442 | $788 | $1,204 | $1,677 | $2,415 |
Source: Ownwell