Omena, Michigan Property Taxes
The median property tax rate in Omena, MI is 0.71%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Omena, the typical annual property tax bill reaches $3,892, which is higher than the national median of $2,690. Property taxes in Omena 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 Omena'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 Omena 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
Omena, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$4,100
Ownwell’s Omena Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Omena with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Omena to provide an estimate of 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 Omena, Michigan
Property taxes in Omena, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Omena is 0.71%, which is lower than the U.S. national median of 0.99%. Local government entities within Omena set these rates annually, and they can vary significantly across different neighborhoods. Each year, Omena 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 Omena's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49674 zip code has both the highest and lowest median property tax rate of 0.71%, indicating a uniform tax rate within the area. Understanding how these cities compare with Omena 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 Omena Tax Rate
0.71%
Average Leelanau County Tax Rate
0.48%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Omena, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49674 | 0.36% | 0.49% | 0.71% | 1.01% | 1.29% |
Source: Ownwell
Property Tax Assessment Values Across Omena, Michigan
In Omena, Michigan, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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 Omena, 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 Omena helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 49674 has the highest and lowest median tax bill, both at $3,892.
Average Omena Assessed Value
$577,500
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 Omena, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49674 | $195,100 | $310,450 | $577,500 | $827,850 | $1,115,800 |
Source: Ownwell
Property Tax Bills Across Omena, Michigan
In Omena, located in Leelanau County, MI, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of the market value. Local tax assessors determine this assessed value, taking into account factors such as the property's size, location, and condition. The tax rate is then applied to this assessed value to calculate the annual tax bill. For homeowners in Omena, the median home price stands at $577,500. Property tax bills can vary significantly, with the 25th percentile at $2,260 and the 75th percentile reaching $6,284. At the 90th percentile, homeowners may see tax bills as high as $9,511. Compared to the national median property tax rate of 0.99%, the property tax rate in Leelanau County is competitive, impacting how much homeowners ultimately pay. High property taxes can influence decisions about buying or selling property, as well as the overall affordability of living in the area.
Average Omena Tax Bill
$3,892
Average Leelanau County Tax Bill
$1,958
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Omena, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49674 | $1,103 | $2,260 | $3,892 | $6,284 | $9,511 |
Source: Ownwell