Lake Leelanau, Michigan Property Taxes
The median property tax rate in Lake Leelanau, MI is 0.61%, considerably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Lake Leelanau at $470,800, the typical annual property tax bill reaches $2,944, surpassing the national median of $2,690. Property taxes in Lake Leelanau 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 Lake Leelanau'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 Lake Leelanau 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
Lake Leelanau, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$2,872
$2,665
Ownwell’s Lake Leelanau Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Leelanau with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Leelanau 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 Lake Leelanau, Michigan
Property taxes in Lake Leelanau, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Leelanau is 0.61%, which is lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Lake Leelanau set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Leelanau 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 Lake Leelanau's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49653 zip code has the highest median property tax rate of 0.61%, while the 49653 zip code also has the lowest median tax rate of 0.61%. Understanding how these cities compare with Lake Leelanau provides valuable insights into the varying tax landscape across Leelanau County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Leelanau Tax Rate
0.61%
Average Leelanau County Tax Rate
0.48%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Leelanau, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49653 | 0.37% | 0.48% | 0.61% | 0.79% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Lake Leelanau, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lake Leelanau, 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 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 Lake Leelanau, 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 Lake Leelanau helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 49653 has the highest and lowest median tax bill, both at $2,944, compared to the national median property tax rate of 0.99%.
Property Tax Assessment Values Across Lake Leelanau, Michigan
Source: Ownwell
$171,200
$482,650
$794,100
Average Lake Leelanau Assessed Value
$470,800
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 Lake Leelanau, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49653 | $154,600 | $243,200 | $470,800 | $972,000 | $1,604,600 |
Source: Ownwell
Property Tax Bills Across Lake Leelanau, Michigan
In Lake Leelanau, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The assessed value is typically a percentage of the market value. Homeowners in Lake Leelanau can expect their tax bill to be influenced by various factors, including the assessed value of their property, local tax rates, and any applicable exemptions or deductions. The median home price in Lake Leelanau is $470,800. Property tax bills vary widely, with the 25th percentile at $1,434, the 75th percentile at $5,955, and the 90th percentile reaching up to $10,548. This variability means that homeowners with higher-valued properties or fewer exemptions will face higher tax bills. The median property tax bill in the area is $2,944, which is below the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their annual property tax obligations and better manage their finances.
Average Lake Leelanau Tax Bill
$2,944
Average Leelanau County Tax Bill
$1,958
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Leelanau, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49653 | $884 | $1,434 | $2,944 | $5,955 | $10,548 |
Source: Ownwell