Lakeport, Michigan Property Taxes
The median property tax rate in Lakeport, MI is 0.72%, which is notably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $193,300 in Lakeport, the typical annual property tax bill amounts to $1,296, significantly below the national median of $2,690. Property taxes in Lakeport are calculated based on the tax assessed value, which is often less than the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Lakeport'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 Lakeport 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
Lakeport, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$1,392
Ownwell’s Lakeport Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lakeport with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lakeport 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 Lakeport, Michigan
Property taxes in Lakeport, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lakeport is 0.72%, which is lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Lakeport set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lakeport 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 Lakeport's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48059 zip code has both the highest and lowest median property tax rate of 0.72%. Understanding how these areas compare with Lakeport provides valuable insights into the varying tax landscape across St. Clair County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lakeport Tax Rate
0.72%
Average St. Clair County Tax Rate
0.78%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lakeport, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48059 | 0.51% | 0.57% | 0.72% | 1.08% | 1.46% |
Source: Ownwell
Property Tax Assessment Values Across Lakeport, Michigan
In Lakeport, 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 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 Lakeport, 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 Lakeport helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 48059 has the highest and lowest median tax bill at $1,296.
Average Lakeport Assessed Value
$193,300
Average St. Clair County Assessed Value
$181,600
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lakeport, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48059 | $85,500 | $113,250 | $193,300 | $322,700 | $399,800 |
Source: Ownwell
Property Tax Bills Across Lakeport, Michigan
In Lakeport, St. Clair County, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. For instance, with a median home price of $193,300, the assessed value is used to apply the local tax rate. Various factors come into play, including property size, location, and any improvements made to the home. Homeowners in Lakeport can expect their property tax bills to vary significantly. For example, the 25th percentile tax bill is around $812, while the 75th percentile reaches $2,371. The 90th percentile tax bill can go as high as $3,775. Comparatively, the highest median tax bill in the area is $1,296, located in the 48059 zip code. These tax bills can impact homeowners by influencing their overall cost of living and potentially affecting property values in the region. Understanding these factors is crucial for homeowners to manage their finances effectively.
Average Lakeport Tax Bill
$1,296
Average St. Clair County Tax Bill
$1,504
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Lakeport, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48059 | $564 | $812 | $1,296 | $2,371 | $3,775 |
Source: Ownwell