Lakeland, Michigan Property Taxes
The median property tax rate in Lakeland, MI is 0.91%, slightly below both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $354,320 in Lakeland, the typical annual property tax bill reaches $3,194, surpassing the national median of $2,690. Property taxes in Lakeland are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lakeland'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 Lakeland 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
Lakeland, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$3,224
$2,992
Ownwell’s Lakeland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lakeland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lakeland 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 Lakeland, Michigan
Property taxes in Lakeland, Michigan, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Lakeland is 0.91%, slightly lower than the U.S. national median of 0.99%. Local government entities within Lakeland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lakeland 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 Lakeland's effective property tax rate to other areas in Michigan and the national median. For comparison, the 48143 zip code has the highest median property tax rate of 0.91%, while the same zip code also has the lowest median tax rate of 0.91%. Understanding how these areas compare with Lakeland provides valuable insights into the varying tax landscape across Livingston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lakeland Tax Rate
0.91%
Average Livingston County Tax Rate
0.91%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lakeland, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48143 | 0.70% | 0.81% | 0.91% | 1.09% | 1.82% |
Source: Ownwell
Property Tax Assessment Values Across Lakeland, Michigan
In Lakeland, 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 Livingston 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 Lakeland, 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 Lakeland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 48143 has the highest median tax bill of $3,194, while the lowest median tax bill is also $3,194, reflecting uniformity in tax burdens across the area.
Average Lakeland Assessed Value
$354,320
Average Livingston County Assessed Value
$315,781
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lakeland, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48143 | $62,300 | $183,160 | $354,320 | $524,610 | $597,380 |
Source: Ownwell
Property Tax Bills Across Lakeland, Michigan
Property tax bills in Lakeland, Livingston County, MI, are calculated based on the assessed value of a property, which is a percentage of its market value. For homeowners in Lakeland, the median home price stands at $354,320, and the assessed value is determined by local tax assessors. Factors such as property size, location, and improvements are considered in this assessment process. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. In Lakeland, the tax bills vary significantly, with the 25th percentile at $1,841 and the 75th percentile reaching $4,930. The highest tax bills, at the 90th percentile, can go up to $5,652. Compared to the national median property tax rate of 0.99%, Lakeland's property tax rates can present a substantial financial consideration for homeowners. These taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the community's quality of life.
Average Lakeland Tax Bill
$3,194
Average Livingston County Tax Bill
$2,949
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Lakeland, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48143 | $861 | $1,841 | $3,194 | $4,930 | $5,652 |
Source: Ownwell