Idlewild, Lake County, Michigan Property Taxes
The median property tax rate in Idlewild, MI is 0.39%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Idlewild at $49,400, the typical annual property tax bill is $180, far below the national median of $2,690. Property taxes in Idlewild are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Idlewild'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 Idlewild 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
Idlewild, Lake County, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$193
$179
Ownwell’s Idlewild Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Idlewild with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Idlewild 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 Idlewild, Lake County, Michigan
Property taxes in Idlewild, Michigan, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Idlewild is 0.39%, significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Idlewild set these rates annually, and they can vary significantly across different neighborhoods. Each year, Idlewild 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 Idlewild's effective property tax rate to other counties in Michigan and the national median. For comparison, the highest median property tax rate in the state is significantly higher, while other areas may have even lower rates than Idlewild's 0.39%. Understanding how these cities compare with Idlewild 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 Idlewild Tax Rate
0.39%
Average Lake County Tax Rate
0.38%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Idlewild, Lake County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49642 | 0.23% | 0.31% | 0.39% | 0.44% | 0.50% |
Source: Ownwell
Property Tax Assessment Values Across Idlewild, Lake County, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Idlewild, 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. 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 Idlewild helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Idlewild are both $180, found in the 49642 zip code.
Property Tax Assessment Values Across Idlewild, Lake County, Michigan
Source: Ownwell
$41,400
$82,050
$122,700
Average Idlewild Assessed Value
$49,400
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 Idlewild, Lake County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49642 | $14,200 | $29,200 | $49,400 | $82,300 | $125,720 |
Source: Ownwell
Property Tax Bills Across Idlewild, Lake County, Michigan
In Idlewild, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. For a median home price of $49,400, the assessed value typically aligns closely with this market value. The property tax rate in Idlewild is applied to this assessed value to generate the tax bill. Factors such as property improvements, market conditions, and local government budgets can influence the assessed value and, consequently, the tax bill. Homeowners in Idlewild experience a range of property tax bills. For example, those in the 25th percentile pay around $97 annually, while those in the 75th percentile face bills closer to $316. At the higher end, the 90th percentile sees tax bills up to $485. These variations reflect differences in property values and specific assessments. Compared to the national median property tax rate of 0.99%, Idlewild homeowners generally benefit from lower tax rates, making it a more affordable option for property ownership within Lake County.
Average Idlewild Tax Bill
$180
Average Lake County Tax Bill
$302
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Idlewild, Lake County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49642 | $47 | $97 | $180 | $316 | $485 |
Source: Ownwell