Northport, Michigan Property Taxes
The median property tax rate in Northport, MI is 0.69%, considerably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Northport at $432,700, the typical annual property tax bill reaches $2,836, slightly exceeding the national median of $2,690. Property taxes in Northport 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 Northport'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 Northport 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
Northport, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$2,986
$2,771
Ownwell’s Northport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Northport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Northport 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 Northport, Michigan
Property taxes in Northport, Michigan, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Northport is 0.69%, lower than the U.S. national median of 0.99%. Local government entities within Northport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Northport 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 Northport's effective property tax rate to other areas in Michigan and the national median. For comparison, the zip code 49670 has both the highest and lowest median property tax rate of 0.69%. Understanding how these areas compare with Northport 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 Northport Tax Rate
0.69%
Average Leelanau County Tax Rate
0.48%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Northport, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49670 | 0.36% | 0.46% | 0.69% | 1.02% | 1.29% |
Source: Ownwell
Property Tax Assessment Values Across Northport, Michigan
In Northport, 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 Northport, 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 Northport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 49670 has both the highest and lowest median tax bill at $2,836.
Average Northport Assessed Value
$432,700
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 Northport, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49670 | $132,260 | $232,950 | $432,700 | $794,450 | $1,269,500 |
Source: Ownwell
Property Tax Bills Across Northport, Michigan
In Northport, located in Leelanau County, MI, property tax bills are calculated based on the assessed value of the property, which is typically a percentage of the market value. The median home price in Northport is $432,700, and property tax rates are applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Northport can expect varying tax bills, with the 25th percentile tax bill around $1,461 and the 75th percentile reaching up to $5,688. At the 90th percentile, the tax bill can go as high as $10,229. The highest and lowest median tax bills in the area are both reported at $2,836, which aligns with the national median property tax rate of 0.99%. These property taxes are essential for funding local services such as schools, public safety, and infrastructure, directly impacting the community's quality of life. Homeowners must budget for these taxes, as they are a significant part of homeownership costs in Northport.
Average Northport Tax Bill
$2,836
Average Leelanau County Tax Bill
$1,958
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Northport, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49670 | $834 | $1,461 | $2,836 | $5,688 | $10,229 |
Source: Ownwell