Land O Lakes, Michigan Property Taxes
The median property tax rate in Land O Lakes, MI is 0.78%, which is lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $223,872 in Land O Lakes, the typical annual property tax bill amounts to $1,845, falling below the national median of $2,690. Property taxes here are based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Land O Lakes' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Land O Lakes or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Land O Lakes, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$1,746
Ownwell’s LAND O LAKES Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LAND O LAKES with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LAND O LAKES 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 Land O Lakes, Michigan
Property taxes in Land O Lakes, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Land O Lakes is 0.78%, which is lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Land O Lakes set these rates annually, and they can vary significantly across different neighborhoods. Each year, Land O Lakes 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 Land O Lakes' 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 found in zip code 49911, with a rate of 1.25%, while the lowest median tax rate is in zip code 49968, at 0.55%. Understanding how these cities compare with Land O Lakes provides valuable insights into the varying tax landscape across Gogebic County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Land O Lakes Tax Rate
0.78%
Average Gogebic County Tax Rate
1.50%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Land O Lakes, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across Land O Lakes, Michigan
In LAND O LAKES, 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 Gogebic 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 LAND O LAKES, 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 25th percentile tax bill in LAND O LAKES is $1,330, while the 75th percentile tax bill is $2,360. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Land O Lakes Assessed Value
$223,872
Average Gogebic County Assessed Value
$65,668
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Land O Lakes, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Land O Lakes, Michigan
In Land O Lakes, located in Gogebic 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 local tax rate is then applied to this assessed value to determine the annual tax bill. For homeowners in this region, several factors influence the tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. Homeowners in Land O Lakes experience a range of property tax bills. For instance, the tax bill at the 25th percentile is approximately $1,330, while at the 75th percentile, it rises to around $2,360. Those at the 90th percentile see tax bills nearing $2,669. These figures reflect how property taxes can vary significantly based on individual property values and specific circumstances. Comparatively, the national median property tax rate stands at 0.99%, which provides a benchmark for understanding how local taxes align with broader trends. Homeowners should be aware of these factors as they can significantly impact their annual financial planning and overall cost of homeownership.
Average Land O Lakes Tax Bill
$1,845
Average Gogebic County Tax Bill
$965
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Land O Lakes, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell