Bitely, Michigan Property Taxes
The median property tax rate in Bitely, MI is 0.38%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Bitely at $59,200, the typical annual property tax bill is $224, well below the national median of $2,690. Property taxes in Bitely 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 Bitely'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 Bitely 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
Bitely, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.38%
Estimate Property Tax Bill
$225
Ownwell’s Bitely Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Bitely with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bitely to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed insights, scroll down to find neighborhood-specific information. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Bitely, Michigan
Property taxes in Bitely, Michigan, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Bitely is 0.38%, significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Bitely set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bitely 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 Bitely's effective property tax rate to other counties in Michigan and the national median. Understanding how Bitely's tax landscape compares with other areas provides valuable insights into the varying tax obligations across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring regions.
Average Bitely Tax Rate
0.38%
Average Lake County Tax Rate
0.38%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bitely, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49309 | 0.20% | 0.26% | 0.38% | 0.43% | 0.51% |
Source: Ownwell
Property Tax Assessment Values Across Bitely, Michigan
In Bitely, 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 Lake 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 Bitely, 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 Bitely helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $224.00, specifically in the 49309 zip code.
Average Bitely Assessed Value
$59,200
Average Lake County Assessed Value
$80,200
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bitely, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49309 | $14,600 | $37,650 | $59,200 | $109,300 | $175,600 |
Source: Ownwell
Property Tax Bills Across Bitely, Michigan
In Bitely, MI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. Homeowners in Lake County can expect their property tax bills to be influenced by several factors, including the property's assessed value and the local tax rate. With a median home price of $59,200, the tax bill for the 25th percentile is $137, while the 75th percentile sees a tax bill of $376. At the higher end, the 90th percentile tax bill reaches $614. These tax bills are calculated by multiplying the assessed value of the property by the local tax rate. For homeowners, this means that higher property values or increases in the local tax rate can result in higher tax bills. Compared to the national median property tax rate of 0.99%, Bitely's tax bills reflect local economic conditions and property values, impacting homeowners' annual financial obligations.
Average Bitely Tax Bill
$224
Average Lake County Tax Bill
$302
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Bitely, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49309 | $65 | $137 | $224 | $376 | $614 |
Source: Ownwell