Leland, Michigan Property Taxes
The median property tax rate in Leland, MI is 0.65%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Leland at $794,100, the typical annual property tax bill reaches $5,163, surpassing the national median of $2,690. Property taxes in Leland 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 Leland'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 Leland 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
Leland, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$5,162
$4,790
Ownwell’s Leland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Leland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Leland 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 Leland, Michigan
Property taxes in Leland, Michigan, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Leland is 0.65%, which is lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Leland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Leland 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 Leland's effective property tax rate to other counties in Michigan and the national median. For comparison, the zip code 49654 has both the highest and lowest median property tax rate of 0.65%. Understanding how these cities compare with Leland 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 Leland Tax Rate
0.65%
Average Leelanau County Tax Rate
0.48%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Leland, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49654 | 0.32% | 0.47% | 0.65% | 0.96% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Leland, Michigan
In Leland, 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 Leland, 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 Leland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the region is $5,163, found in the 49654 zip code.
Average Leland Assessed Value
$794,100
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 Leland, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49654 | $306,840 | $450,950 | $794,100 | $1,538,100 | $2,355,760 |
Source: Ownwell
Property Tax Bills Across Leland, Michigan
In Leland, located in Leelanau County, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. For instance, with a median home price of $794,100, the assessed value is determined by local tax assessors who evaluate property attributes and market trends. The tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including home size, location, and market conditions. In Leland, homeowners can expect significant variability in their tax bills. The 25th percentile tax bill is around $2,794, while the 75th percentile reaches $9,450, and the 90th percentile can soar to $16,416. The highest median tax bill in the area is $5,163, reflecting the diverse property values and tax assessments. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting homeowners by contributing to community development and property value stability.
Average Leland Tax Bill
$5,163
Average Leelanau County Tax Bill
$1,958
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Leland, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49654 | $1,686 | $2,794 | $5,163 | $9,450 | $16,416 |
Source: Ownwell