Lake, Michigan Property Taxes
The median property tax rate in Lake, Michigan is 0.44%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Lake at $239,600, the typical annual property tax bill is $921, which is well below the national median of $2,690. Property taxes in Lake are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lake'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 Lake 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
Lake, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.44%
Estimate Property Tax Bill
$1,054
Ownwell’s LAKE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LAKE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LAKE 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 Lake, Michigan
Property taxes in Lake, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake is 0.44%, which is significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake 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 Lake's effective property tax rate to other counties in Michigan and the national median. For comparison, the highest median property tax rate in Michigan is found in Wayne County with a rate of 2.13%, while the lowest median tax rate is in Alcona County at 0.87%. Understanding how these counties compare with Lake provides valuable insights into the varying tax landscape across Schoolcraft County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Tax Rate
0.44%
Average Schoolcraft County Tax Rate
0.45%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across Lake, Michigan
In LAKE, 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 Schoolcraft 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 LAKE, 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 LAKE helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The 25th percentile tax bill is $563, while the 75th percentile is $1,056, and the 90th percentile reaches $1,284.
Average Lake Assessed Value
$239,600
Average Schoolcraft County Assessed Value
$86,700
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Lake, Michigan
In Lake, located in Schoolcraft County, MI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. The median home price in Lake is $239,600. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Lake, property tax bills can vary significantly. At the 25th percentile, the tax bill is approximately $563, while it reaches around $1,056 at the 75th percentile and $1,284 at the 90th percentile. These variations are influenced by factors such as the home's assessed value, any applicable exemptions, and the specific tax rates set by local authorities. Compared to the national median property tax rate of 0.99%, these rates can impact homeowners differently based on their property values and local policies. Understanding how these factors interplay is crucial for homeowners to anticipate their annual tax liabilities and manage their finances effectively.
Average Lake Tax Bill
$921
Average Schoolcraft County Tax Bill
$504
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell