Benzonia, Michigan Property Taxes
The median property tax rate in Benzonia, MI is 0.29%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Benzonia, the typical annual property tax bill comes to $535, well below the national median of $2,690. Property taxes in Benzonia 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 Benzonia'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 Benzonia 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
Benzonia, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.29%
Estimate Property Tax Bill
$540
Ownwell’s Benzonia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Benzonia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Benzonia 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 Benzonia, Michigan
Property taxes in Benzonia, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Benzonia is 0.29%, significantly lower than both the Michigan state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Benzonia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Benzonia 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 Benzonia's effective property tax rate to other counties in Michigan and the national median. For comparison, Benzie County has the highest median property tax rate of 1.54%, while Benzonia has the lowest median tax rate of 0.29%. Understanding how these cities compare with Benzonia 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 Benzonia Tax Rate
0.29%
Average Benzie County Tax Rate
0.34%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Benzonia, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49616 | 0.20% | 0.24% | 0.29% | 0.35% | 0.42% |
Source: Ownwell
Property Tax Assessment Values Across Benzonia, Michigan
In Benzonia, 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 Benzonia, 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. The median home price in Benzonia is $186,200, with tax bills varying widely. For example, the zip code 49616 has both the highest and lowest median tax bill at $535. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Benzonia Assessed Value
$186,200
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 Benzonia, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49616 | $81,980 | $123,050 | $186,200 | $276,400 | $378,000 |
Source: Ownwell
Property Tax Bills Across Benzonia, Michigan
In Benzonia, located in Benzie County, MI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For instance, with a median home price of $186,200, the assessed value is determined by local tax assessors. Property tax rates are then applied to this assessed value to calculate the annual tax bill. Several factors influence the final tax bill, including local tax rates, any applicable exemptions, and the specific characteristics of the property. Homeowners in Benzonia can expect their tax bills to fall within a range, with the 25th percentile at $332 and the 75th percentile at $841. The highest median tax bill recorded in the area is $535, which is consistent across the 49616 zip code. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life in Benzonia. Compared to the national median property tax rate of 0.99%, Benzonia's rates reflect the local economic conditions and funding requirements.
Average Benzonia Tax Bill
$535
Average Benzie County Tax Bill
$868
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Benzonia, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49616 | $195 | $332 | $535 | $841 | $1,230 |
Source: Ownwell