Suttons Bay, Michigan Property Taxes
The median property tax rate in Suttons Bay, MI is 0.62%, notably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Suttons Bay at $370,420, the typical annual property tax bill amounts to $2,673, which is slightly below the national median of $2,690. Property taxes in Suttons Bay are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Suttons Bay'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 Suttons Bay 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
Suttons Bay, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$2,297
Ownwell’s Suttons Bay Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Suttons Bay with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Suttons Bay 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 Suttons Bay, Michigan
Property taxes in Suttons Bay, Michigan, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Suttons Bay is 0.62%, lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Suttons Bay set these rates annually, and they can vary significantly across different neighborhoods. Each year, Suttons Bay 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 Suttons Bay's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49682 zip code has the highest median property tax rate of 0.62%, while the same zip code also has the lowest median tax rate of 0.62%. Understanding how these cities compare with Suttons Bay 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 Suttons Bay Tax Rate
0.62%
Average Leelanau County Tax Rate
0.48%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Suttons Bay, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49682 | 0.37% | 0.46% | 0.62% | 1.14% | 1.55% |
Source: Ownwell
Property Tax Assessment Values Across Suttons Bay, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Suttons Bay, 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 Suttons Bay, 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. Suttons Bay's median home price is $370,420, with tax bills ranging from $1,340 at the 25th percentile to $7,994 at the 90th percentile. The zip code with the highest and lowest median tax bill is 49682, with a tax bill of $2,673. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Suttons Bay Assessed Value
$370,420
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 Suttons Bay, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49682 | $10,000 | $220,000 | $370,420 | $625,000 | $940,500 |
Source: Ownwell
Property Tax Bills Across Suttons Bay, Michigan
In Suttons Bay, 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. This assessed value is a percentage of the property's market value. Homeowners in Suttons Bay typically see a median property tax rate that is influenced by various factors such as the property's location, size, and usage. For instance, the tax bill at the 25th percentile is around $1,340, while at the 75th percentile, it rises to approximately $4,740. At the 90th percentile, homeowners might face tax bills as high as $7,994. The median home price in this area is about $370,420, and the tax rate can significantly impact homeowners' annual expenses. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding local tax burdens. Homeowners in Suttons Bay should be aware of these factors as they directly influence their financial planning and property-related decisions.
Average Suttons Bay Tax Bill
$2,673
Average Leelanau County Tax Bill
$1,958
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Suttons Bay, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49682 | $747 | $1,340 | $2,673 | $4,740 | $7,994 |
Source: Ownwell