Harbor Springs, Michigan Property Taxes
The median property tax rate in Harbor Springs, MI is 0.95%, slightly below both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $344,800 in Harbor Springs, the typical annual property tax bill amounts to $3,435, surpassing the national median of $2,690. Property taxes in Harbor Springs are determined based on the tax assessed value, which is often lower than the market value due to various exemptions, such as primary residence and agricultural exemptions. Grasping the nuances of Harbor Springs' property tax system, exploring available exemptions, and identifying potential reductions can result in substantial annual savings. Whether you're residing in the heart of Harbor Springs or another part of the city, a thorough understanding of the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Harbor Springs, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$3,276
Ownwell’s Harbor Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Harbor Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Harbor Springs 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 Harbor Springs, Michigan
Property taxes in Harbor Springs, Michigan, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Harbor Springs is 0.95%, slightly below the U.S. national median of 0.99%. Local government entities within Harbor Springs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Harbor Springs 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 Harbor Springs' effective property tax rate to other areas in Emmet County and the national median. For comparison, the 49740 zip code has the highest median property tax rate of 0.95%, while it also has the lowest median tax rate of 0.95%. Understanding how these areas compare with Harbor Springs provides valuable insights into the varying tax landscape across Emmet County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Harbor Springs Tax Rate
0.95%
Average Emmet County Tax Rate
0.97%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Harbor Springs, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49740 | 0.60% | 0.75% | 0.95% | 1.26% | 1.55% |
Source: Ownwell
Property Tax Assessment Values Across Harbor Springs, Michigan
In Harbor Springs, 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 Emmet 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 Harbor Springs, 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. Notably, the zip code 49740 has the highest and lowest median tax bill at $3,435. Being aware of these valuation processes in Harbor Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Harbor Springs, Michigan
Source: Ownwell
$135,400
$240,100
$344,800
Average Harbor Springs Assessed Value
$344,800
Average Emmet County Assessed Value
$259,800
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Harbor Springs, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49740 | $111,860 | $215,200 | $344,800 | $610,000 | $1,210,940 |
Source: Ownwell
Property Tax Bills Across Harbor Springs, Michigan
In Harbor Springs, property tax bills are calculated based on the assessed value of homes, which is determined by the local assessor's office. The assessed value typically represents 50% of the market value. For instance, with a median home price of $344,800, the assessed value would be approximately $172,400. This value is then multiplied by the local tax rate to calculate the annual property tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Harbor Springs experience varying tax bills. The 25th percentile tax bill is around $2,068, while the 75th percentile reaches $6,628, and the 90th percentile can be as high as $12,987. The highest and lowest median tax bills in the area are both $3,435, which is notably higher than the national median property tax rate of 0.99%. These property taxes play a significant role in funding local services, impacting homeowners by contributing to the overall cost of owning a home in Harbor Springs.
Average Harbor Springs Tax Bill
$3,435
Average Emmet County Tax Bill
$2,560
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Harbor Springs, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49740 | $1,298 | $2,068 | $3,435 | $6,628 | $12,987 |
Source: Ownwell