Fife Lake, Michigan Property Taxes
The median property tax rate in Fife Lake, MI is 0.97%, slightly lower than the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $128,000 in Fife Lake, the typical annual property tax bill is around $1,191, which is below the national median of $2,690. Property taxes in Fife Lake are calculated based on the tax assessed value, which generally falls below the market value due to exemptions like primary residence and agricultural exemptions. Understanding Fife 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 Fife Lake or another part of Kalkaska County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fife Lake, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$1,242
Ownwell’s Fife Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fife Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fife 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 Fife Lake, Michigan
Property taxes in Fife 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 Fife Lake is 0.97%, slightly lower than the U.S. national median of 0.99%. Local government entities within Fife Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fife 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 Fife Lake's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49633 zip code has both the highest and lowest median property tax rate of 0.97%. Understanding how these cities compare with Fife Lake provides valuable insights into the varying tax landscape across Kalkaska County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fife Lake Tax Rate
0.97%
Average Kalkaska County Tax Rate
0.93%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fife Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49633 | 0.58% | 0.72% | 0.97% | 1.31% | 1.69% |
Source: Ownwell
Property Tax Assessment Values Across Fife Lake, Michigan
In Fife 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 Kalkaska 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 Fife 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. Being aware of these valuation processes in Fife Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in the area is $1,191, both found in the 49633 zip code.
Average Fife Lake Assessed Value
$128,000
Average Kalkaska County Assessed Value
$137,400
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fife Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49633 | $46,740 | $75,800 | $128,000 | $206,850 | $292,120 |
Source: Ownwell
Property Tax Bills Across Fife Lake, Michigan
In Fife Lake, Kalkaska County, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Fife Lake, the median home price is $128,000. Factors that influence the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. The tax bill can vary significantly. For example, the 25th percentile tax bill is $707, while the 75th percentile tax bill reaches $1948, and the 90th percentile tax bill can be as high as $3030. Compared to the national median property tax rate of 0.99%, Fife Lake's property tax rates can lead to varying financial impacts on homeowners. Understanding these factors is crucial for homeowners to anticipate their annual property tax obligations and plan their finances accordingly.
Average Fife Lake Tax Bill
$1,191
Average Kalkaska County Tax Bill
$1,200
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Fife Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49633 | $453 | $707 | $1,191 | $1,948 | $3,030 |
Source: Ownwell