Lacota, Michigan Property Taxes
The median property tax rate in Lacota, MI is 0.76%, which is notably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Lacota at $69,200, the typical annual property tax bill amounts to $596, significantly below the national median of $2,690. Property taxes in Lacota 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 Lacota'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 Lacota or another part of Van Buren County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lacota, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$526
Ownwell’s Lacota Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lacota with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lacota 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 Lacota, Michigan
Property taxes in Lacota, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lacota is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Lacota set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lacota 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 Lacota's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49063 zip code has the highest median property tax rate of 0.76%, while the 49063 zip code also has the lowest median tax rate of 0.76%. Understanding how these areas compare with Lacota provides valuable insights into the varying tax landscape across Van Buren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lacota Tax Rate
0.76%
Average Van Buren County Tax Rate
0.43%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lacota, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49063 | 0.58% | 0.66% | 0.76% | 1.36% | 1.65% |
Source: Ownwell
Property Tax Assessment Values Across Lacota, Michigan
In Lacota, 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 Van Buren 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 Lacota, 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. For example, the highest median tax bill in Lacota is $596 in the 49063 zip code, while the lowest median tax bill is also $596 in the same zip code. 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 Lacota helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lacota Assessed Value
$69,200
Average Van Buren County Assessed Value
$178,200
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lacota, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49063 | $7,000 | $56,000 | $69,200 | $94,050 | $108,420 |
Source: Ownwell
Property Tax Bills Across Lacota, Michigan
In Lacota, located in Van Buren County, MI, property tax bills are calculated based on the assessed value of a home, which is typically 50% of its market value. For a median home price of $69,200, homeowners can expect their assessed value to be around $34,600. The property tax rate is then applied to this assessed value to determine the final tax bill. Several factors influence the tax bill, including local tax rates and any applicable exemptions or deductions. Homeowners in Lacota experience a range of tax bills, with the 25th percentile at $475 and the 75th percentile at $846, while the 90th percentile reaches up to $1,182. These figures reflect the variability in assessed values and the application of local tax rates. Compared to the national median property tax rate of 0.99%, the tax bills in Lacota can be seen as relatively moderate. Understanding these factors helps homeowners better anticipate their annual property tax obligations and manage their finances accordingly.
Average Lacota Tax Bill
$596
Average Van Buren County Tax Bill
$842
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Lacota, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49063 | $193 | $475 | $596 | $846 | $1,182 |
Source: Ownwell