Petoskey, Michigan Property Taxes
The median property tax rate in Petoskey, MI is 0.37%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Petoskey at $183,000, the typical annual property tax bill amounts to $668, which is much less than the national median of $2,690. Property taxes in Petoskey are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Petoskey's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Petoskey 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
Petoskey, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.37%
Estimate Property Tax Bill
$677
$628
Ownwell’s Petoskey Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Petoskey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Petoskey 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 Petoskey, Michigan
Property taxes in Petoskey, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Petoskey is 1.19%, significantly higher than both the Michigan state median of 1.31% and the U.S. national median of 0.99%. Local government entities within Petoskey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Petoskey 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 Petoskey's effective property tax rate to other counties in Michigan and the national median. For comparison, the highest median property tax rate in the region is 1.31%, while the lowest median tax rate is 0.37%. Understanding how these cities compare with Petoskey 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 Petoskey Tax Rate
0.37%
Average Cheboygan County Tax Rate
0.50%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Petoskey, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49770 | 0.31% | 0.33% | 0.37% | 0.43% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Petoskey, Michigan
In Petoskey, 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 Petoskey, 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 Petoskey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Petoskey is $183,000, with tax bills ranging from $481 at the 25th percentile to $878 at the 90th percentile. The zip code 49770 has the highest and lowest median tax bill at $668.
Average Petoskey Assessed Value
$183,000
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 Petoskey, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49770 | $84,120 | $121,200 | $183,000 | $248,000 | $287,000 |
Source: Ownwell
Property Tax Bills Across Petoskey, Michigan
In Petoskey, located in Cheboygan 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 median home price in Petoskey is $183,000. Homeowners' tax bills vary, with the 25th percentile at $481, the 75th percentile at $799, and the 90th percentile at $878. These figures reflect differences in assessed values and applicable tax rates. The property tax rate in Petoskey is influenced by local government budgets, school funding, and other public services. This rate is applied to the assessed value of the property to determine the annual tax bill. For example, a home valued at the median price would have a tax bill reflecting the local tax rate and the home's assessed value. Understanding these factors helps homeowners anticipate their tax obligations and plan accordingly. Compared to the national median property tax rate of 0.99%, Petoskey's rates and resulting tax bills provide a localized perspective on property tax burdens.
Average Petoskey Tax Bill
$668
Average Cheboygan County Tax Bill
$843
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Petoskey, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49770 | $369 | $481 | $668 | $799 | $878 |
Source: Ownwell