Lakeside, Michigan Property Taxes
The median property tax rate in Lakeside, MI is 1.13%, significantly higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Lakeside at $564,700, the typical annual property tax bill reaches $6,306, far exceeding the national median of $2,690. Property taxes in Lakeside are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Lakeside'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 Lakeside or another part of Berrien County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lakeside, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.13%
Estimate Property Tax Bill
$6,381
$5,921
Ownwell’s Lakeside Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lakeside with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lakeside 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 Lakeside, Michigan
Property taxes in Lakeside, Michigan, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lakeside is 1.13%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Lakeside set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lakeside 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 Lakeside's effective property tax rate to other areas in Michigan and the national median. For comparison, the 49116 zip code has the highest median property tax rate of 1.13%, while the 49128 zip code has the lowest median tax rate of 0.42%. Understanding how these areas compare with Lakeside provides valuable insights into the varying tax landscape across Berrien County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lakeside Tax Rate
1.13%
Average Berrien County Tax Rate
0.85%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lakeside, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49116 | 0.46% | 0.69% | 1.13% | 1.53% | 1.69% |
| 49128 | 0.42% | 0.42% | 0.42% | 0.42% | 0.42% |
Source: Ownwell
Property Tax Assessment Values Across Lakeside, Michigan
In Lakeside, 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 Berrien 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 Lakeside, 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 Lakeside helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Lakeside, the median home price is $564,700. The highest median tax bill is $6,309 in the 49116 zip code, while the lowest median tax bill is $916 in the 49128 zip code.
Average Lakeside Assessed Value
$564,700
Average Berrien County Assessed Value
$183,200
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lakeside, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49116 | $247,160 | $384,200 | $567,200 | $1,114,800 | $2,211,520 |
| 49128 | $219,400 | $219,400 | $219,400 | $219,400 | $219,400 |
Source: Ownwell
Property Tax Bills Across Lakeside, Michigan
In Lakeside, MI, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the market value, which is determined by the local assessor's office. Several factors influence the assessed value, including the home's size, age, location, and any improvements made. Lakeside's property tax rates vary, with the median tax bill standing at $6,309 in the zip code 49116, significantly higher than the national median property tax rate of 0.99%. Conversely, the lowest median tax bill in the area is $916 in zip code 49128. For homeowners, these tax bills can have a substantial impact on their finances. A 25th percentile tax bill is around $3,497, while the 75th percentile reaches up to $11,014, and the 90th percentile can be as high as $23,240. Understanding these figures is crucial for homeowners budgeting for annual expenses and evaluating the long-term affordability of their property.
Average Lakeside Tax Bill
$6,306
Average Berrien County Tax Bill
$1,463
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Lakeside, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49116 | $2,166 | $3,506 | $6,309 | $11,016 | $23,259 |
| 49128 | $916 | $916 | $916 | $916 | $916 |
Source: Ownwell