Higgins Lake, Michigan Property Taxes
The median property tax rate in Higgins Lake, MI is 0.86%, 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 $338,700 in Higgins Lake, the typical annual property tax bill amounts to $2,655, slightly below the national median of $2,690. Property taxes in Higgins Lake are calculated based on the assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Higgins 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 Higgins Lake or another part of Roscommon County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Higgins Lake, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$2,913
Ownwell’s Higgins Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Higgins Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Higgins 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 Higgins Lake, Michigan
Property taxes in Higgins Lake, Michigan, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Higgins Lake is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Higgins Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Higgins 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 Higgins Lake's effective property tax rate to other counties in Michigan and the national median. For comparison, the zip code 48627 has the highest median property tax rate of 0.86%, while the same zip code also has the lowest median tax rate of 0.86%. Understanding how these cities compare with Higgins Lake provides valuable insights into the varying tax landscape across Roscommon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Higgins Lake Tax Rate
0.86%
Average Roscommon County Tax Rate
0.50%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Higgins Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48627 | 0.30% | 0.41% | 0.86% | 1.07% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Higgins Lake, Michigan
In Higgins Lake, Michigan, understanding the difference between "market value" and "assessed value" is essential 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 Roscommon 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. Assessment notices in Higgins Lake 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 Higgins Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $2,655, found in zip code 48627.
Average Higgins Lake Assessed Value
$338,700
Average Roscommon County Assessed Value
$114,800
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Higgins Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48627 | $156,440 | $213,350 | $338,700 | $445,450 | $635,620 |
Source: Ownwell
Property Tax Bills Across Higgins Lake, Michigan
In Higgins Lake, Roscommon County, MI, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is a percentage of the property's market value. Homeowners in this region experience a range of property tax bills. For instance, the 25th percentile tax bill stands at $1,176, while the 75th percentile tax bill reaches up to $3,034. The highest median tax bill in the area is $2,655, which is consistent across the zip code 48627. These tax bills are influenced by various factors, including changes in the housing market, property improvements, and local tax rates. The median home price in Higgins Lake is $338,700, which serves as a baseline for determining the assessed value. Compared to the national median property tax rate of 0.99%, homeowners in Higgins Lake may find their tax rates relatively favorable or burdensome depending on individual circumstances. Understanding these factors can help homeowners anticipate and manage their annual property tax obligations effectively.
Average Higgins Lake Tax Bill
$2,655
Average Roscommon County Tax Bill
$649
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Higgins Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48627 | $884 | $1,176 | $2,655 | $3,034 | $3,870 |
Source: Ownwell