Chase, Lake County, Michigan Property Taxes
The median property tax rate in Chase, MI is 0.35%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Chase, the typical annual property tax bill amounts to $357, well below the national median of $2,690. Property taxes in Chase are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Chase'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 Chase 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
Chase, Lake County, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.35%
Estimate Property Tax Bill
$365
$338
Ownwell’s Chase Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chase with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chase 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 Chase, Lake County, Michigan
Property taxes in Chase, Michigan, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chase is 1.44%, significantly higher than both the Michigan state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Chase set these rates annually, and they can vary notably across different neighborhoods. Each year, Chase 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. Understanding how these cities compare with Chase 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 Chase Tax Rate
0.35%
Average Lake County Tax Rate
0.38%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chase, Lake County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49623 | 0.24% | 0.30% | 0.35% | 0.41% | 0.49% |
Source: Ownwell
Property Tax Assessment Values Across Chase, Lake County, Michigan
In Chase, 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 Chase, 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 Chase helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Chase is $357 in the 49623 zip code, which is also the lowest median tax bill in the area.
Property Tax Assessment Values Across Chase, Lake County, Michigan
Source: Ownwell
$41,400
$82,050
$122,700
Average Chase Assessed Value
$104,200
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 Chase, Lake County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49623 | $31,800 | $58,400 | $104,200 | $165,400 | $248,800 |
Source: Ownwell
Property Tax Bills Across Chase, Lake County, Michigan
In Chase, located in Lake County, MI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. For instance, with a median home price of $104,200, the assessed value is used to determine the property tax owed. The tax rate applied to this assessed value influences the final tax bill. Factors such as local government budgets, school funding, and public services are considered when setting the tax rate. Homeowners in Chase can expect their tax bills to vary significantly. For example, the 25th percentile tax bill is $194, while the 75th percentile tax bill is $573, and the 90th percentile tax bill reaches $888. This range demonstrates the variability based on property values and specific tax rates applied. Compared to the national median property tax rate of 0.99%, Chase offers a relatively affordable property tax environment, impacting homeowners by allowing for potentially lower annual expenses. This affordability can make homeownership more accessible and financially manageable for residents.
Average Chase Tax Bill
$357
Average Lake County Tax Bill
$302
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Chase, Lake County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49623 | $104 | $194 | $357 | $573 | $888 |
Source: Ownwell