Lapeer, Michigan Property Taxes
The median property tax rate in Lapeer, MI is 0.35%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $190,400 in Lapeer, the typical annual property tax bill is approximately $735, well below the national median of $2,690. Property taxes in Lapeer 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 Lapeer'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 Lapeer 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
Lapeer, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.35%
Estimate Property Tax Bill
$666
$618
Ownwell’s Lapeer Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lapeer with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lapeer 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 Lapeer, Michigan
Property taxes in Lapeer, Michigan, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Lapeer is 1.55%, significantly higher than both the Michigan state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Lapeer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lapeer 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 Lapeer's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48446 zip code has the highest median property tax rate of 1.55%, while the 48412 zip code has the lowest median tax rate of 1.54%. Understanding how these cities compare with Lapeer provides valuable insights into the varying tax landscape across Lapeer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lapeer Tax Rate
0.35%
Average Lapeer County Tax Rate
0.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lapeer, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48446 | 0.25% | 0.29% | 0.35% | 0.49% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Lapeer, Michigan
In Lapeer, 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 local 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 Lapeer, 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. The median home price in Lapeer is $190,400, with tax bills ranging from $478 at the 25th percentile to $1,547 at the 90th percentile. The highest and lowest median tax bills are both $735 in the 48446 zip code. Being aware of these valuation processes in Lapeer helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lapeer Assessed Value
$190,400
Average Lapeer County Assessed Value
$215,800
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lapeer, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48446 | $48,600 | $132,800 | $190,400 | $276,600 | $377,600 |
Source: Ownwell
Property Tax Bills Across Lapeer, Michigan
In Lapeer, MI, property tax bills are calculated based on the assessed value of a home, which is typically half of its market value. For example, with a median home price of $190,400, the assessed value would be approximately $95,200. Local tax rates are then applied to this assessed value to determine the annual tax bill. Factors such as property location, local government budgets, and school district funding needs influence these rates. Homeowners in Lapeer can expect varying tax bills, with the 25th percentile paying around $478 and the 75th percentile paying up to $1,093. The highest median tax bill in the area is $735, found in the 48446 zip code. These property taxes are crucial for funding public services, including schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Lapeer's rates ensure that essential community services are adequately supported while impacting homeowners' annual expenses.
Average Lapeer Tax Bill
$735
Average Lapeer County Tax Bill
$858
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Lapeer, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48446 | $199 | $478 | $735 | $1,093 | $1,547 |
Source: Ownwell