Branch, Lake County, Michigan Property Taxes
The median property tax rate in Branch, MI is 0.38%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $98,700 in Branch, the typical annual property tax bill is $387, which is well below the national median of $2,690. Property taxes in Branch are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Branch'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 Branch or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Branch, Lake County, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.38%
Estimate Property Tax Bill
$375
$348
Ownwell’s Branch Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Branch with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Branch 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 Branch, Lake County, Michigan
Property taxes in Branch, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Branch is 1.50%, significantly higher than both the Michigan state median of 1.31% and the U.S. national median of 0.99%. Local government entities within Branch set these rates annually, and they can vary significantly across different neighborhoods. Each year, Branch 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 Branch's effective property tax rate to other counties in Michigan and the national median. For comparison, the highest median property tax rate in Michigan is 3.04%, while the lowest median tax rate is 0.87%. Understanding how these cities compare with Branch provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Branch 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 Branch, Lake County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49402 | 0.23% | 0.28% | 0.38% | 0.46% | 0.50% |
Source: Ownwell
Property Tax Assessment Values Across Branch, Lake County, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Branch, Michigan. 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 Branch, 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 Branch helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Branch are both $387, found in zip code 49402.
Property Tax Assessment Values Across Branch, Lake County, Michigan
Source: Ownwell
$41,400
$82,050
$122,700
Average Branch Assessed Value
$98,700
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 Branch, Lake County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49402 | $12,880 | $44,450 | $98,700 | $168,100 | $252,960 |
Source: Ownwell
Property Tax Bills Across Branch, Lake County, Michigan
In Branch, Lake County, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is typically a percentage of the property's market value. The property tax rate in Branch is then applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions or deductions. For instance, homeowners might qualify for exemptions that reduce their taxable value, thereby lowering their tax bills. In Branch, the median home price stands at $98,700, and the property tax bills range significantly. Homeowners in the 25th percentile pay around $194 annually, while those in the 75th percentile pay about $640. At the 90th percentile, tax bills can reach up to $1,117. These variations highlight the impact of property value assessments and applicable exemptions on the final tax bill, affecting homeowners' financial planning and obligations.
Average Branch Tax Bill
$387
Average Lake County Tax Bill
$302
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Branch, Lake County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49402 | $106 | $194 | $387 | $640 | $1,117 |
Source: Ownwell