Empire, Michigan Property Taxes
The median property tax rate in Empire, MI is 0.31%, significantly lower than both the national median of 0.99% and Michigan's state median of 1.07%. With the median home value in Empire, the typical annual property tax bill reaches $1,313, well below the national median of $2,690. Property taxes in Empire are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Empire'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 Empire 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
Empire, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.31%
Estimate Property Tax Bill
$1,376
Ownwell’s Empire Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Empire with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Empire 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 Empire, Michigan
Property taxes in Empire, Michigan, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Empire is 1.35%, significantly higher than both the Michigan state median of 1.31% and the U.S. national median of 0.99%. Local government entities within Empire set these rates annually, and they can vary significantly across different neighborhoods. Each year, Empire 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 Empire's effective property tax rate to other counties in Michigan and the national median. Understanding how these cities compare with Empire 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 Empire Tax Rate
0.31%
Average Benzie County Tax Rate
0.34%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Empire, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49630 | 0.18% | 0.27% | 0.31% | 0.39% | 0.44% |
Source: Ownwell
Property Tax Assessment Values Across Empire, Michigan
In Empire, 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 Empire, 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 Empire helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Empire is $444,000, with tax bills ranging from $598 at the 25th percentile to $3,070 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 49630, with a median tax bill of $1,313.
Average Empire Assessed Value
$444,000
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 Empire, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49630 | $152,960 | $226,600 | $444,000 | $664,200 | $903,000 |
Source: Ownwell
Property Tax Bills Across Empire, Michigan
In EMPIRE, 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. The local tax rate is applied to this assessed value to determine the annual tax bill. Factors such as the home's location, size, and any applicable exemptions or deductions can influence the assessed value and, consequently, the tax bill. For instance, the median home price in EMPIRE is $444,000. Homeowners in the 25th percentile can expect a tax bill around $598, while those in the 75th percentile might see a bill closer to $2,177. At the 90th percentile, tax bills can reach up to $3,070. These figures highlight the variability in property tax bills within the area, influenced by the value and characteristics of individual properties. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding how EMPIRE's property taxes align with broader trends. Homeowners must consider these factors when budgeting for property expenses, as property taxes represent a significant ongoing cost.
Average Empire Tax Bill
$1,313
Average Benzie County Tax Bill
$868
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Empire, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49630 | $331 | $598 | $1,313 | $2,177 | $3,070 |
Source: Ownwell