Petoskey, Michigan Property Taxes
The median property tax rate in Petoskey, MI is 0.98%, slightly below both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $283,800 in Petoskey, the typical annual property tax bill reaches $2,900, which is higher than the national median of $2,690. Property taxes in Petoskey are calculated 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. Understanding Petoskey'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 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
0.98%
Estimate Property Tax Bill
$2,781
Ownwell’s Petoskey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner 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, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Petoskey is 0.98%, slightly lower than 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 areas in Michigan and the national median. For comparison, the 49770 zip code has both the highest and lowest median property tax rate of 0.98%. Understanding how these areas compare with Petoskey 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 Petoskey Tax Rate
0.98%
Average Emmet County Tax Rate
0.97%
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 | 0.65% | 0.77% | 0.98% | 1.38% | 1.85% |
Source: Ownwell
Property Tax Assessment Values Across Petoskey, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Petoskey, 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 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 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. The median home price in Petoskey is $283,800, with tax bills varying significantly. The 25th percentile tax bill is $1,861, while the 75th percentile tax bill reaches $5,001. Notably, the highest and lowest median tax bills are both $2,900 in the 49770 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Petoskey Assessed Value
$283,800
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 Petoskey, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49770 | $117,060 | $191,200 | $283,800 | $450,000 | $824,840 |
Source: Ownwell
Property Tax Bills Across Petoskey, Michigan
In Petoskey, located in Emmet 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 county assessor determines this assessed value, and it is then used to calculate the property tax bill by applying the local tax rate. For example, if your home has a median price of $283,800, the tax bill can vary significantly. Homeowners might see tax bills around $1,861 at the 25th percentile, $5,001 at the 75th percentile, and up to $10,365 at the 90th percentile. These figures highlight how the tax burden can differ widely depending on the specific assessed value and applicable tax rate. Compared to the national median property tax rate of 0.99%, homeowners in Petoskey could experience varying financial impacts. Understanding these factors is crucial for homeowners to anticipate their annual property tax obligations and manage their finances accordingly.
Average Petoskey Tax Bill
$2,900
Average Emmet County Tax Bill
$2,560
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 | $1,257 | $1,861 | $2,900 | $5,001 | $10,365 |
Source: Ownwell