Levering, Michigan Property Taxes
The median property tax rate in Levering, MI is 0.72%, which is notably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Levering at $242,400, the typical annual property tax bill amounts to $1,525, significantly less than the national median of $2,690. Property taxes in Levering are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Levering'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 Levering 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
Levering, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$1,745
$1,620
Ownwell’s Levering Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Levering with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Levering 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 Levering, Michigan
Property taxes in Levering, Michigan, play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Levering is 0.72%, which is lower than the U.S. national median of 0.99%. Local government entities within Levering set these rates annually, and they can vary significantly across different neighborhoods. Each year, Levering 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 Levering's effective property tax rate to other counties in Michigan and the national median. For comparison, the zip code 49755 has both the highest and lowest median property tax rate of 0.72%. Understanding how these cities compare with Levering 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 Levering Tax Rate
0.72%
Average Cheboygan County Tax Rate
0.50%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Levering, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49755 | 0.35% | 0.46% | 0.72% | 1.20% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Levering, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Levering, 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 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 Levering, 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. Levering's median home price is $242,400, with tax bills ranging from $811 at the 25th percentile to $4,513 at the 90th percentile. Both the highest and lowest median tax bills in the area are $1,525, found in the 49755 zip code. By understanding 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Levering Assessed Value
$242,400
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 Levering, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49755 | $53,280 | $146,200 | $242,400 | $331,600 | $468,520 |
Source: Ownwell
Property Tax Bills Across Levering, Michigan
In Levering, property tax bills are calculated based on the assessed value of the property, which is typically a percentage of the market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, in Cheboygan County, the median home price is $242,400, and property tax bills can vary significantly. Homeowners in the 25th percentile pay around $811 annually, while those in the 75th percentile face a bill of approximately $2,782. At the 90th percentile, the tax bill can reach up to $4,513. Several factors influence these variations, including property location, local tax rates, and any applicable exemptions. With the highest and lowest median tax bills both recorded at $1,525 in the 49755 zip code, it's clear that even within the same area, property taxes can differ. These tax bills impact homeowners by contributing to local services such as schools, infrastructure, and emergency services, making it crucial for homeowners to understand how their tax bills are determined.
Average Levering Tax Bill
$1,525
Average Cheboygan County Tax Bill
$843
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Levering, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49755 | $430 | $811 | $1,525 | $2,782 | $4,513 |
Source: Ownwell