Arcadia, Michigan Property Taxes
The median property tax rate in Arcadia, MI is 0.48%, considerably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $299,600 in Arcadia, the typical annual property tax bill reaches $1,537, which is significantly below the national median of $2,690. Property taxes in Arcadia 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 Arcadia'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 Arcadia or another part of Benzie County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Arcadia, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$1,438
Ownwell’s Arcadia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Arcadia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Arcadia 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 Arcadia, Michigan
Property taxes in Arcadia, Michigan, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Arcadia is 0.48%, significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Arcadia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Arcadia 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 Arcadia's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49613 zip code has both the highest and lowest median property tax rate of 0.48%. Understanding how these cities compare with Arcadia provides valuable insights into the varying tax landscape across Benzie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Arcadia Tax Rate
0.48%
Average Benzie County Tax Rate
0.34%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Arcadia, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49613 | 0.27% | 0.37% | 0.48% | 0.77% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Arcadia, Michigan
In Arcadia, 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 Benzie 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 Arcadia, 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 in Arcadia is $299,600, with tax bills ranging from $763 at the 25th percentile to $4,559 at the 90th percentile. Notably, the highest and lowest median tax bills are both $1,537 in the 49613 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Arcadia Assessed Value
$299,600
Average Benzie County Assessed Value
$250,400
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Arcadia, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49613 | $121,800 | $194,800 | $299,600 | $514,800 | $678,400 |
Source: Ownwell
Property Tax Bills Across Arcadia, Michigan
Property tax bills in Arcadia, located in Benzie County, MI, are calculated based on the assessed value of a property, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including property size, location, and market conditions. For example, with a median home price of $299,600, homeowners can expect varying tax bills. At the 25th percentile, tax bills are around $763, while those in the 75th percentile reach up to $3,224. The 90th percentile sees tax bills as high as $4,559. Comparatively, the median property tax bill in Benzie County's 49613 zip code is consistent at $1,537. These taxes fund essential local services such as schools, infrastructure, and public safety, directly impacting the community's quality of life. Homeowners need to understand these factors to manage their expenses effectively.
Average Arcadia Tax Bill
$1,537
Average Benzie County Tax Bill
$868
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Arcadia, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49613 | $509 | $763 | $1,537 | $3,224 | $4,559 |
Source: Ownwell