Long Lake, Michigan Property Taxes
The median property tax rate in Long Lake, MI is 2.41%, significantly higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Long Lake being $47,600, the typical annual property tax bill reaches $995, which is below the national median of $2,690. Property taxes in Long Lake 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 Long Lake'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 Long Lake 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
Long Lake, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.41%
Estimate Property Tax Bill
$1,147
Ownwell’s Long Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Long Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Long Lake 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 Long Lake, Michigan
Property taxes in Long Lake, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Long Lake is 1.54%, higher than both the Michigan state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Long Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Long Lake 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 Long Lake's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48743 zip code has the highest median property tax rate of 2.41%, while the 48743 zip code also has the lowest median tax rate of 2.41%. Understanding how these cities compare with Long Lake provides valuable insights into the varying tax landscape across Iosco County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Long Lake Tax Rate
2.41%
Average Iosco County Tax Rate
2.40%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Long Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48743 | 1.30% | 1.64% | 2.41% | 2.99% | 3.55% |
Source: Ownwell
Property Tax Assessment Values Across Long Lake, Michigan
In Long Lake, 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 Iosco 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 Long Lake, 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. In Long Lake, the zip code 48743 has both the highest and lowest median tax bill at $995. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Long Lake Assessed Value
$47,600
Average Iosco County Assessed Value
$51,600
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Long Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48743 | $13,160 | $21,800 | $47,600 | $89,700 | $178,960 |
Source: Ownwell
Property Tax Bills Across Long Lake, Michigan
In Long Lake, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is typically a percentage of the property's market value, which is determined by local assessors. Homeowners in Long Lake may see a range of property tax bills depending on various factors such as property size, location, and improvements. For instance, the median home price in Long Lake is $47,600, and property tax bills can vary significantly. At the 25th percentile, homeowners might pay around $589, while those at the 75th percentile could see tax bills of about $1,672. At the 90th percentile, property taxes can reach as high as $2,976. These figures illustrate the variability in tax burdens among residents. Compared to the national median property tax rate of 0.99%, the tax rates in Long Lake reflect a localized approach to property taxation. This system ensures that property tax bills are tailored to the specific circumstances of each property, impacting homeowners differently based on their property's assessed value.
Average Long Lake Tax Bill
$995
Average Iosco County Tax Bill
$1,150
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Long Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48743 | $375 | $589 | $995 | $1,672 | $2,976 |
Source: Ownwell