Cadillac, Michigan Property Taxes
The median property tax rate in Cadillac, MI is 1.89%, significantly higher than both the national median of 0.99% and Michigan's state median of 1.07%. With a median home value of $100,600 in Cadillac, the typical annual property tax bill amounts to $2,018, which is still below the national median of $2,690. Property taxes in Cadillac are calculated based on the assessed value, which is often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Cadillac'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 Cadillac or another part of Wexford County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cadillac, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.89%
Estimate Property Tax Bill
$1,901
$1,764
Ownwell’s Cadillac Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cadillac with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cadillac 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 Cadillac, Michigan
Property taxes in Cadillac, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cadillac is 1.89%, significantly higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Cadillac set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cadillac 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 Cadillac's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49601 zip code has the highest median property tax rate of 1.89%, while the same zip code also has the lowest median tax rate of 1.89%. Understanding how these cities compare with Cadillac provides valuable insights into the varying tax landscape across Wexford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cadillac Tax Rate
1.89%
Average Wexford County Tax Rate
1.72%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cadillac, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49601 | 1.23% | 1.56% | 1.89% | 2.23% | 2.69% |
Source: Ownwell
Property Tax Assessment Values Across Cadillac, Michigan
In Cadillac, 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 Wexford 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 Cadillac, 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. The median home price in Cadillac is $100,600, with tax bills ranging from $929 at the 25th percentile to $5,108 at the 90th percentile. Identifying opportunities for protesting assessments or applying for exemptions can effectively manage the tax burden.
Average Cadillac Assessed Value
$100,600
Average Wexford County Assessed Value
$108,400
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cadillac, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49601 | $8,640 | $35,000 | $100,600 | $187,800 | $268,440 |
Source: Ownwell
Property Tax Bills Across Cadillac, Michigan
In Cadillac, located in Wexford County, MI, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The median home price in Cadillac is $100,600. The property tax rate in this area is reflected in various tax bills, with the 25th percentile tax bill being $929 and the 75th percentile reaching $3,601. For those at the 90th percentile, tax bills can be as high as $5,108. These tax bills are influenced by multiple factors, including the home's assessed value, local government budgets, and specific tax rates set by Wexford County. Homeowners in Cadillac should be aware that their property tax bills can significantly impact their annual expenses. Compared to the national median property tax rate of 0.99%, Cadillac's rates can vary widely, affecting affordability and financial planning for residents. Understanding these factors helps homeowners anticipate their financial obligations and manage their budgets effectively.
Average Cadillac Tax Bill
$2,018
Average Wexford County Tax Bill
$1,919
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Cadillac, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49601 | $532 | $929 | $2,018 | $3,601 | $5,108 |
Source: Ownwell