Lake Odessa, Michigan Property Taxes
The median property tax rate in Lake Odessa, MI is 0.50%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $153,500 in Lake Odessa, the typical annual property tax bill is approximately $901, far below the national median of $2,690. Property taxes in Lake Odessa 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 Lake Odessa'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 Lake Odessa 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
Lake Odessa, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$768
Ownwell’s Lake Odessa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Odessa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Odessa 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 Odessa, Michigan
Property taxes in Lake Odessa, Michigan, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Lake Odessa is 0.50%, which is lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Lake Odessa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Odessa 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 Odessa's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48849 zip code has the highest median property tax rate of 0.50%, while the same zip code also has the lowest median tax rate of 0.50%. Understanding how these cities compare with Lake Odessa provides valuable insights into the varying tax landscape across Ionia County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Odessa Tax Rate
0.50%
Average Ionia County Tax Rate
0.49%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Odessa, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48849 | 0.32% | 0.37% | 0.50% | 0.82% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Lake Odessa, Michigan
In Lake Odessa, 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 Ionia 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. 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 Lake Odessa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Lake Odessa, the median home price is $153,500, with tax bills ranging from $589 at the 25th percentile to $1,347 at the 75th percentile. The highest and lowest median tax bills, both at $901, are found in the 48849 zip code.
Average Lake Odessa Assessed Value
$153,500
Average Ionia County Assessed Value
$146,400
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Odessa, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48849 | $82,380 | $112,400 | $153,500 | $229,550 | $349,060 |
Source: Ownwell
Property Tax Bills Across Lake Odessa, Michigan
In Lake Odessa, located in Ionia 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 instance, the median home price in Lake Odessa stands at $153,500. The tax rate is applied to this assessed value to determine the annual tax bill. Homeowners in Lake Odessa experience a range of tax bills, with the 25th percentile at $589 and the 75th percentile at $1347, while those in the 90th percentile pay around $1934 annually. Several factors influence a homeowner’s tax bill, including the home's location, its assessed value, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Lake Odessa's rates can be seen as relatively moderate. This has a direct impact on homeowners, influencing their overall housing costs and financial planning. Understanding these factors can help homeowners better anticipate their annual expenses and manage their budgets effectively.
Average Lake Odessa Tax Bill
$901
Average Ionia County Tax Bill
$910
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Odessa, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48849 | $372 | $589 | $901 | $1,347 | $1,934 |
Source: Ownwell