Lisle, Michigan Property Taxes
The median property tax rate in Lisle, MI is 0.48%, significantly lower than both the national median of 0.99% and Michigan's state median of 1.07%. With a median home value of $171,600 in Lisle, the typical annual property tax bill comes to $832, well below the national median of $2,690. Property taxes in Lisle are calculated based on the assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Lisle's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Lisle or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lisle, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$824
Ownwell’s Lisle Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lisle with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lisle 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 Lisle, Michigan
Property taxes in Lisle, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lisle is 0.48%, significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Lisle set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lisle 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 Lisle's effective property tax rate to other counties in Michigan and the national median. For comparison, the 60532 zip code has the highest median property tax rate of 0.48%, while the same zip code also has the lowest median tax rate of 0.48%. Understanding how these cities compare with Lisle 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 Lisle Tax Rate
0.48%
Average Schoolcraft County Tax Rate
0.45%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lisle, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60532 | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
Source: Ownwell
Property Tax Assessment Values Across Lisle, Michigan
In Lisle, 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 Lisle, 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 Lisle helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills both amount to $832 in the 60532 zip code.
Average Lisle Assessed Value
$171,600
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 Lisle, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60532 | $171,600 | $171,600 | $171,600 | $171,600 | $171,600 |
Source: Ownwell
Property Tax Bills Across Lisle, Michigan
In Lisle, located in Schoolcraft County, MI, property tax bills are determined by assessing the market value of a property and then applying the local tax rate. The median home price in Lisle stands at $171,600, and the property tax rate is used to calculate the annual tax bill. Unlike some regions where tax bills can vary significantly, Lisle's property tax bills are quite uniform. Homeowners in the 25th, 75th, and even the 90th percentile all face a tax bill of $832. This consistency simplifies budgeting for residents, as they can anticipate their annual tax expenses more accurately. Factors influencing the tax bill include the assessed value of the property and the local tax rate. The uniformity in tax bills suggests a stable market and consistent valuation practices. Compared to the national median property tax rate of 0.99%, Lisle's property tax rate results in a relatively predictable financial obligation for homeowners. This stability can be beneficial for long-term financial planning and property investment.
Average Lisle Tax Bill
$832
Average Schoolcraft County Tax Bill
$504
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Lisle, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60532 | $832 | $832 | $832 | $832 | $832 |
Source: Ownwell