Glen Arbor, Michigan Property Taxes
The median property tax rate in Glen Arbor, MI is 0.36%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $489,200 in Glen Arbor, the typical annual property tax bill amounts to $1,598, which is well below the national median of $2,690. Property taxes in Glen Arbor 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 Glen Arbor'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 Glen Arbor or another part of Leelanau County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Glen Arbor, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.36%
Estimate Property Tax Bill
$1,761
$1,634
Ownwell’s Glen Arbor Property Tax Bill Calculator helps homeowners, real estate investors, and potential buyers estimate their annual property taxes in Glen Arbor with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Glen Arbor 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 Glen Arbor, Michigan
Property taxes in Glen Arbor, Michigan, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Glen Arbor is 0.36%, which is significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Glen Arbor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Glen Arbor 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 Glen Arbor's effective property tax rate compares to other regions in Leelanau County and the national median provides valuable insights into the varying tax landscape across the area, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Glen Arbor Tax Rate
0.36%
Average Leelanau County Tax Rate
0.48%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Glen Arbor, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49636 | 0.20% | 0.28% | 0.36% | 0.41% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Glen Arbor, Michigan
In Glen Arbor, 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 Leelanau 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 Glen Arbor, 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 zip code 49636 in Glen Arbor has both the highest and lowest median tax bill, which is $1,598. Being aware of these valuation processes in Glen Arbor helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Glen Arbor Assessed Value
$489,200
Average Leelanau County Assessed Value
$389,200
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Glen Arbor, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49636 | $111,200 | $216,400 | $489,200 | $803,850 | $1,923,360 |
Source: Ownwell
Property Tax Bills Across Glen Arbor, Michigan
In Glen Arbor, located in Leelanau County, MI, property tax bills are calculated based on the assessed value of the property, which is determined by the local tax assessor. The assessed value is typically a percentage of the market value of the home. For example, with a median home price of $489,200, the assessed value is used to determine the tax bill. Several factors influence the tax bill, including the local tax rate and any exemptions or deductions for which the homeowner may qualify. The local tax rate in Glen Arbor is applied to the assessed value to calculate the annual tax bill. Homeowners in Glen Arbor can expect tax bills to vary significantly, with the 25th percentile tax bill at $762 and the 75th percentile at $2,844. For those at the 90th percentile, tax bills can reach up to $5,026. This variability in tax bills affects homeowners differently based on their property's assessed value and eligibility for exemptions, making it crucial for homeowners to understand their specific situation to anticipate their tax obligations accurately.
Average Glen Arbor Tax Bill
$1,598
Average Leelanau County Tax Bill
$1,958
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Glen Arbor, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49636 | $407 | $762 | $1,598 | $2,844 | $5,026 |
Source: Ownwell