Vanderbilt, Cheboygan County, Michigan Property Taxes
The median property tax rate in Vanderbilt, MI is 0.51%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Vanderbilt at $107,700, the typical annual property tax bill is $536, far below the national median of $2,690. Property taxes in Vanderbilt are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Vanderbilt'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 Vanderbilt 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
Vanderbilt, Cheboygan County, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$549
$510
Ownwell’s Vanderbilt Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vanderbilt with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vanderbilt 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 Vanderbilt, Cheboygan County, Michigan
Property taxes in Vanderbilt, Michigan, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Vanderbilt is 0.51%, which is lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Vanderbilt set these rates annually, and they can vary significantly across different neighborhoods. Each year, Vanderbilt 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 Vanderbilt's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49795 zip code has the highest median property tax rate of 0.51%, while the same zip code also has the lowest median tax rate of 0.51%. Understanding how these cities compare with Vanderbilt 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 Vanderbilt Tax Rate
0.51%
Average Cheboygan County Tax Rate
0.50%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Vanderbilt, Cheboygan County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49795 | 0.38% | 0.46% | 0.51% | 0.55% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Vanderbilt, Cheboygan County, Michigan
In Vanderbilt, 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 Vanderbilt, 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 Vanderbilt helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills both stand at $536 in zip code 49795.
Property Tax Assessment Values Across Vanderbilt, Cheboygan County, Michigan
Source: Ownwell
$100,600
$350,500
$600,400
Average Vanderbilt Assessed Value
$107,700
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 Vanderbilt, Cheboygan County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49795 | $28,740 | $58,500 | $107,700 | $155,250 | $218,080 |
Source: Ownwell
Property Tax Bills Across Vanderbilt, Cheboygan County, Michigan
In Vanderbilt, located in Cheboygan County, MI, property tax bills are calculated based on the assessed value of a property, which is typically 50% of its market value. For instance, with a median home price of $107,700, the assessed value would be around $53,850. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location, any applicable exemptions, and specific levies for local services such as schools and public safety. In Vanderbilt, property tax bills can vary widely, with the 25th percentile at $249 and the 75th percentile reaching $805. The 90th percentile tax bill climbs to $1,126. Compared to the national median property tax rate of 0.99%, homeowners in Vanderbilt experience a range of tax obligations that can significantly impact their finances. Understanding these factors helps homeowners plan and manage their property-related expenses more effectively.
Average Vanderbilt Tax Bill
$536
Average Cheboygan County Tax Bill
$843
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Vanderbilt, Cheboygan County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49795 | $146 | $249 | $536 | $805 | $1,126 |
Source: Ownwell