Burt Lake, Michigan Property Taxes
The median property tax rate in Burt Lake, MI is 0.40%, considerably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Burt Lake, the typical annual property tax bill reaches $2,716, slightly exceeding the national median of $2,690. Property taxes in Burt Lake 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 Burt Lake'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 Burt Lake 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
Burt Lake, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$2,397
$2,224
Ownwell’s Burt Lake Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Burt Lake with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Burt Lake to provide an accurate property tax estimate. This valuable tool helps you understand your potential tax liabilities. For those interested in neighborhood-level trends, further localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Burt Lake, Michigan
Property taxes in Burt Lake, Michigan, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Burt Lake is 0.40%, significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Burt Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Burt Lake 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 Burt Lake's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49717 zip code has both the highest and lowest median property tax rate of 0.40%. Understanding how these cities compare with Burt Lake provides valuable insights into the varying tax landscape across Cheboygan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Burt Lake Tax Rate
0.40%
Average Cheboygan County Tax Rate
0.50%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Burt Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49717 | 0.25% | 0.35% | 0.40% | 0.45% | 0.51% |
Source: Ownwell
Property Tax Assessment Values Across Burt Lake, Michigan
In Burt Lake, 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 Cheboygan 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 Burt Lake, 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. The median home price in Burt Lake is $599,200, with tax bills ranging from $1,157 at the 25th percentile to $4,126 at the 75th percentile, and up to $5,195 at the 90th percentile. The highest and lowest median tax bills in the area are both $2,716, found in the 49717 zip code. By understanding these valuation processes, 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 Burt Lake Assessed Value
$599,200
Average Cheboygan County Assessed Value
$151,800
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Burt Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49717 | $115,880 | $256,600 | $599,200 | $969,100 | $1,240,240 |
Source: Ownwell
Property Tax Bills Across Burt Lake, Michigan
In Burt Lake, located in Cheboygan County, MI, property tax bills are determined based on the assessed value of your home, which is typically a percentage of its market value. The median home price in Burt Lake is $599,200. To calculate your tax bill, local tax rates are applied to the assessed value. Factors such as local government budgets, school funding, and public services influence these rates. For example, homeowners in the 25th percentile of tax bills pay around $1,157 annually, while those in the 75th percentile pay approximately $4,126. The 90th percentile sees tax bills as high as $5,195. These variations highlight how different property values and local tax rates can significantly affect what homeowners owe. Comparatively, Burt Lake's property tax rates can be assessed against the national median of 0.99%. Understanding these factors helps homeowners anticipate their annual expenses and budget accordingly, ensuring they are prepared for their property tax obligations.
Average Burt Lake Tax Bill
$2,716
Average Cheboygan County Tax Bill
$843
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Burt Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49717 | $323 | $1,157 | $2,716 | $4,126 | $5,195 |
Source: Ownwell