Leroy, Lake County, Michigan Property Taxes
The median property tax rate in Leroy, MI is 0.32%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Leroy at $118,600, the typical annual property tax bill is $387, well below the national median of $2,690. Property taxes in Leroy are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Leroy'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 Leroy 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
Leroy, Lake County, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.32%
Estimate Property Tax Bill
$380
$352
Ownwell’s Leroy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Leroy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Leroy 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 Leroy, Lake County, Michigan
Property taxes in Leroy, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Leroy is 0.32%, significantly lower than both the Michigan state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Leroy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Leroy 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 Leroy'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 3.42% in 49036, while the lowest median tax rate is 0.32% in 49655. Understanding how these cities compare with Leroy 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 Leroy Tax Rate
0.32%
Average Lake County Tax Rate
0.38%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Leroy, Lake County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49655 | 0.23% | 0.29% | 0.32% | 0.38% | 0.44% |
Source: Ownwell
Property Tax Assessment Values Across Leroy, Lake County, Michigan
In LeRoy, 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 LeRoy, 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. The median home price in LeRoy is $118,600, with the 25th percentile tax bill at $220 and the 75th percentile tax bill at $574. The highest and lowest median tax bills are both $387 in the 49655 zip code. 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 LeRoy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Leroy, Lake County, Michigan
Source: Ownwell
$41,400
$82,050
$122,700
Average Leroy Assessed Value
$118,600
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 Leroy, Lake County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49655 | $36,480 | $65,000 | $118,600 | $174,400 | $230,960 |
Source: Ownwell
Property Tax Bills Across Leroy, Lake County, Michigan
In LEROY, located in Lake County, MI, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is typically a percentage of the home's market value. Homeowners in LEROY face a median property tax rate of approximately 0.99%, which aligns with the national median rate. The property tax bill is influenced by several factors, including the home's assessed value, local tax rates, and any applicable exemptions or deductions. For instance, a home with a median market price of $118,600 would have a tax bill ranging from $220 at the 25th percentile to $798 at the 90th percentile. The highest median tax bill in the area is $387, found in ZIP code 49655. These taxes significantly impact homeowners by contributing to essential public services such as schools, infrastructure, and emergency services. Understanding how these factors interplay helps homeowners anticipate their annual tax obligations and manage their finances more effectively.
Average Leroy 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 Leroy, Lake County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49655 | $106 | $220 | $387 | $574 | $798 |
Source: Ownwell