Hubbard Lake, Michigan Property Taxes
The median property tax rate in Hubbard Lake, MI is 0.41%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Hubbard Lake, the typical annual property tax bill is $381, well below the national median of $2,690. Property taxes in Hubbard Lake are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hubbard Lake's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Hubbard Lake or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hubbard Lake, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.41%
Estimate Property Tax Bill
$376
Ownwell’s Hubbard Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hubbard Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hubbard 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 Hubbard Lake, Michigan
Property taxes in Hubbard 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 Hubbard Lake is 0.41%, significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Hubbard Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hubbard 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 Hubbard Lake's effective property tax rate to other counties in Michigan and the national median. For comparison, the ZIP code 49747 has both the highest and lowest median property tax rate of 0.41%. Understanding how these areas compare with Hubbard Lake provides valuable insights into the varying tax landscape across Alpena County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hubbard Lake Tax Rate
0.41%
Average Alpena County Tax Rate
0.46%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hubbard Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49747 | 0.27% | 0.36% | 0.41% | 0.46% | 0.52% |
Source: Ownwell
Property Tax Assessment Values Across Hubbard Lake, Michigan
In Hubbard 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 Alpena 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 Hubbard 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 Hubbard 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 $381, found in the zip code 49747.
Average Hubbard Lake Assessed Value
$91,800
Average Alpena County Assessed Value
$107,600
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hubbard Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49747 | $17,000 | $50,200 | $91,800 | $148,400 | $216,240 |
Source: Ownwell
Property Tax Bills Across Hubbard Lake, Michigan
In Hubbard Lake, Alpena County, MI, property tax bills are determined based on the assessed value of a home, which is typically a percentage of its market value. The assessed value is then multiplied by the local tax rate to calculate the property tax bill. With a median home price of $91,800, homeowners in Hubbard Lake experience varying tax bills. For instance, the 25th percentile tax bill stands at $177, while the 75th percentile reaches $618. At the 90th percentile, the tax bill can go up to $942. These figures indicate that tax bills can vary significantly depending on the assessed value of the property and the specific tax rate applied. Homeowners in Hubbard Lake pay property taxes that are influenced by local government budgets, school funding, and public services. Although the highest and lowest median tax bills in the area both stand at $381, it's crucial for homeowners to understand these factors to manage their annual expenses effectively.
Average Hubbard Lake Tax Bill
$381
Average Alpena County Tax Bill
$661
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Hubbard Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49747 | $53 | $177 | $381 | $618 | $942 |
Source: Ownwell