Bois Blanc Island, Michigan Property Taxes
The median property tax rate in Bois Blanc Island, MI is 0.37%, considerably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Bois Blanc Island at $4,700, the typical annual property tax bill reaches just $15, significantly less than the national median of $2,690. Property taxes in Bois Blanc Island 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 Bois Blanc Island'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 Bois Blanc Island 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
Bois Blanc Island, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.37%
Estimate Property Tax Bill
$17
Ownwell’s Bois Blanc Island Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Bois Blanc Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bois Blanc Island 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 Bois Blanc Island, Michigan
Property taxes in Bois Blanc Island, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bois Blanc Island is 0.37%, significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Bois Blanc Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bois Blanc Island 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 Bois Blanc Island's effective property tax rate to other counties in Michigan and the national median. For comparison, the highest median property tax rate in the region is found in another Michigan locality, with a rate of 1.83%, while the lowest median tax rate is 0.37%, matching Bois Blanc Island's rate. Understanding how these cities compare with Bois Blanc Island provides valuable insights into the varying tax landscape across Mackinac County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bois Blanc Island Tax Rate
0.37%
Average Mackinac County Tax Rate
0.81%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bois Blanc Island, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49775 | 0.21% | 0.24% | 0.37% | 0.42% | 0.52% |
Source: Ownwell
Property Tax Assessment Values Across Bois Blanc Island, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Bois Blanc Island, 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 Mackinac 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 Bois Blanc Island, 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. For instance, the 25th percentile tax bill is around $8, while the 75th percentile tax bill can reach up to $41. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Bois Blanc Island, Michigan
Source: Ownwell
$4,700
$224,750
$444,800
Average Bois Blanc Island Assessed Value
$4,700
Average Mackinac County Assessed Value
$123,200
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bois Blanc Island, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49775 | $1,300 | $2,400 | $4,700 | $12,600 | $36,400 |
Source: Ownwell
Property Tax Bills Across Bois Blanc Island, Michigan
In Bois Blanc Island, located in Mackinac County, MI, property tax bills are calculated based on the assessed value of your property, which is determined by the local assessor. This assessed value is then multiplied by the local tax rate to determine your annual tax bill. The median home price in Bois Blanc Island is $4,700, which is significantly lower than the national median. Consequently, property tax bills here are relatively modest. For example, homeowners in the 25th percentile can expect a tax bill of around $8, while those in the 75th percentile might pay approximately $41. At the 90th percentile, the tax bill can rise to about $135. These figures illustrate the range of tax obligations depending on property value and other local factors. Lower property taxes can make homeownership more affordable, but they also mean fewer resources for public services funded by these taxes. Understanding these dynamics is crucial for homeowners when planning their finances and assessing the overall cost of living in Bois Blanc Island.
Average Bois Blanc Island Tax Bill
$15
Average Mackinac County Tax Bill
$942
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Bois Blanc Island, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49775 | $4 | $8 | $15 | $41 | $135 |
Source: Ownwell