Mackinac Island, Mackinac County, Michigan Property Taxes
The median property tax rate in Mackinac Island, MI is 0.75%, notably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Mackinac Island at $444,800, the typical annual property tax bill amounts to $3,682, which is higher than the national median of $2,690. Property taxes in Mackinac Island are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Mackinac 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 Mackinac 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
Mackinac Island, Mackinac County, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$3,336
$3,096
Ownwell’s Mackinac Island Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Mackinac Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mackinac Island to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Mackinac Island, Mackinac County, Michigan
Property taxes in Mackinac 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 Mackinac Island is 0.75%, which is lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Mackinac Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mackinac 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 Mackinac Island's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49757 zip code has the highest median property tax rate of 0.75%, while the same zip code also has the lowest median tax rate of 0.75%. Understanding how these figures compare with Mackinac 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 Mackinac Island Tax Rate
0.75%
Average Mackinac County Tax Rate
0.81%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mackinac Island, Mackinac County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49757 | 0.50% | 0.59% | 0.75% | 0.86% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Mackinac Island, Mackinac County, Michigan
In Mackinac Island, 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 local assessment authority 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 Mackinac 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. 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 Mackinac Island helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 49757, with a median tax bill of $3,682.
Property Tax Assessment Values Across Mackinac Island, Mackinac County, Michigan
Source: Ownwell
$4,700
$224,750
$444,800
Average Mackinac Island Assessed Value
$444,800
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 Mackinac Island, Mackinac County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49757 | $4,900 | $248,900 | $444,800 | $703,300 | $1,112,000 |
Source: Ownwell
Property Tax Bills Across Mackinac Island, Mackinac County, Michigan
In Mackinac Island, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, with a median home price of $444,800, the property tax bill can vary significantly. Factors such as location within the city, property size, and any applicable exemptions or deductions play a crucial role in determining the final tax bill. The tax bill for homeowners in Mackinac Island ranges from $2,195 at the 25th percentile to $8,296 at the 90th percentile. The median tax bill stands at $3,682, which is higher than the national median property tax rate of 0.99%. This higher tax rate can impact homeowners by increasing their annual financial obligations, making budgeting and financial planning essential. Understanding these factors can help homeowners anticipate their property tax responsibilities and potentially seek exemptions to reduce their tax burden.
Average Mackinac Island Tax Bill
$3,682
Average Mackinac County Tax Bill
$942
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Mackinac Island, Mackinac County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49757 | $1,099 | $2,195 | $3,682 | $5,286 | $8,296 |
Source: Ownwell