Benzonia, Michigan Property Taxes
The median property tax rate in Benzonia, MI is 0.57%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Benzonia at $358,800, the typical annual property tax bill reaches $2,003, which is below the national median of $2,690. Property taxes in Benzonia 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 Benzonia'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 Benzonia 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
Benzonia, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.57%
Estimate Property Tax Bill
$2,045
Ownwell’s Benzonia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Benzonia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Benzonia 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 Benzonia, Michigan
Property taxes in Benzonia, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Benzonia is 0.57%, which is lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Benzonia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Benzonia 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 Benzonia's effective property tax rate to other counties in Michigan and the national median. For comparison, the zip code 49616 has the highest median property tax rate of 0.57%, while the same zip code also has the lowest median tax rate of 0.57%. Understanding how these cities compare with Benzonia provides valuable insights into the varying tax landscape across Manistee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Benzonia Tax Rate
0.57%
Average Manistee County Tax Rate
1.18%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Benzonia, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49616 | 0.50% | 0.53% | 0.57% | 0.61% | 0.64% |
Source: Ownwell
Property Tax Assessment Values Across Benzonia, Michigan
In Benzonia, 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 Manistee 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 Benzonia, 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. Benzonia's median home price stands at $358,800, with the highest and lowest median tax bills both reported at $2,003 in the 49616 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Benzonia Assessed Value
$358,800
Average Manistee County Assessed Value
$141,200
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Benzonia, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49616 | $322,480 | $336,100 | $358,800 | $381,500 | $395,120 |
Source: Ownwell
Property Tax Bills Across Benzonia, Michigan
In Benzonia, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as the home's market value, recent sales of comparable properties, and any improvements or renovations can influence the assessed value. For homeowners in Benzonia, the median home price is $358,800. Tax bills in the area show a range, with the 25th percentile at $1,982 and the 75th percentile at $2,024, indicating a relatively narrow spread. The 90th percentile tax bill is $2,036, which shows that most homeowners pay close to this amount. Compared to the national median property tax rate of 0.99%, Benzonia's tax rates and resulting bills are relatively consistent, providing a predictable financial landscape for homeowners. This stability can be beneficial for budgeting and long-term financial planning.
Average Benzonia Tax Bill
$2,003
Average Manistee County Tax Bill
$1,612
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Benzonia, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49616 | $1,970 | $1,982 | $2,003 | $2,024 | $2,036 |
Source: Ownwell