Lake Ann, Michigan Property Taxes
The median property tax rate in Lake Ann, MI is 0.29%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $262,600 in Lake Ann, the typical annual property tax bill is $812, well below the national median of $2,690. Property taxes in Lake Ann 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 Lake Ann'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 Lake Ann 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
Lake Ann, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.29%
Estimate Property Tax Bill
$762
Ownwell’s Lake Ann Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Ann with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Ann 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 Lake Ann, Michigan
Property taxes in Lake Ann, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Ann is 1.31%, significantly higher than both the Michigan state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Lake Ann set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Ann 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 Lake Ann's effective property tax rate to other counties in Michigan and the national median. For comparison, the highest median property tax rate in Michigan is 3.81%, while the lowest median tax rate is 0.29%. Understanding how these cities compare with Lake Ann 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 Lake Ann 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 Lake Ann, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49650 | 0.23% | 0.26% | 0.29% | 0.36% | 0.42% |
Source: Ownwell
Property Tax Assessment Values Across Lake Ann, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lake Ann, Michigan. 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 Lake Ann, 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 Lake Ann helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Lake Ann are both $812, found in the 49650 zip code.
Average Lake Ann Assessed Value
$262,600
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 Lake Ann, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49650 | $140,560 | $196,800 | $262,600 | $361,400 | $528,600 |
Source: Ownwell
Property Tax Bills Across Lake Ann, Michigan
In Lake Ann, Benzie County, MI, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor and is typically a percentage of the market value. Homeowners in Lake Ann can expect their tax bills to vary significantly, with the 25th percentile at $561 and the 75th percentile at $1,136. At the 90th percentile, tax bills can reach up to $1,613. Several factors influence these tax bills, including the home's assessed value, local tax rates, and any applicable exemptions or deductions. For instance, the highest median tax bill in the area is $812, found in the 49650 zip code. Property taxes directly impact homeowners by contributing to local services such as schools, infrastructure, and public safety. Compared to the national median property tax rate of 0.99%, Lake Ann’s tax rates can be seen as relatively moderate, providing essential services while maintaining a balanced financial burden for homeowners.
Average Lake Ann Tax Bill
$812
Average Benzie County Tax Bill
$868
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Ann, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49650 | $402 | $561 | $812 | $1,136 | $1,613 |
Source: Ownwell