Lake Ann, Michigan Property Taxes
The median property tax rate in Lake Ann, MI is 0.42%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $331,800 in Lake Ann, the typical annual property tax bill is $1,385, well below the national median of $2,690. Property taxes in Lake Ann are calculated based on the assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Lake Ann'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 Lake Ann or another part of Grand Traverse County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lake Ann, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.42%
Estimate Property Tax Bill
$1,394
$1,293
Ownwell’s Lake Ann Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Ann with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Ann 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 Lake Ann, Michigan
Property taxes in Lake Ann, Michigan, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Ann is 0.42%, significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Lake Ann set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Ann 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 Lake Ann's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49650 zip code has the highest median property tax rate of 0.42%, while the same zip code also has the lowest median tax rate of 0.42%. Understanding how these cities compare with Lake Ann provides valuable insights into the varying tax landscape across Grand Traverse County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Ann Tax Rate
0.42%
Average Grand Traverse County Tax Rate
0.70%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Ann, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49650 | 0.36% | 0.38% | 0.42% | 0.47% | 0.49% |
Source: Ownwell
Property Tax Assessment Values Across Lake Ann, Michigan
In LAKE ANN, 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 Grand Traverse 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 LAKE ANN, 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. The median home price in LAKE ANN is $331,800, with tax bills ranging from $1,258 at the 25th percentile to $1,517 at the 90th percentile. Notably, the highest and lowest median tax bills in the area are both $1,385, found in the 49650 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lake Ann Assessed Value
$331,800
Average Grand Traverse County Assessed Value
$287,584
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Ann, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49650 | $279,716 | $312,589 | $331,800 | $345,262 | $367,785 |
Source: Ownwell
Property Tax Bills Across Lake Ann, Michigan
In Lake Ann, located in Grand Traverse County, MI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For homeowners, several factors influence the final tax bill, including the local tax rate and any applicable exemptions. The median home price in Lake Ann stands at $331,800, and property tax rates are applied to this assessed value to determine the annual tax bill. Homeowners in Lake Ann can expect property taxes that fall within a range, with the 25th percentile tax bill at $1,258 and the 75th percentile at $1,495. The 90th percentile tax bill reaches up to $1,517. These figures highlight the variability in property tax obligations based on home values and specific circumstances. Compared to the national median property tax rate of 0.99%, Lake Ann’s tax bills reflect the local economic conditions and property values, providing a clear picture of the financial responsibilities for homeowners in this region.
Average Lake Ann Tax Bill
$1,385
Average Grand Traverse County Tax Bill
$2,154
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Ann, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49650 | $1,206 | $1,258 | $1,385 | $1,495 | $1,517 |
Source: Ownwell