Fife Lake, Michigan Property Taxes
The median property tax rate in Fife Lake, MI is 0.88%, which is lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Fife Lake at $159,400, the typical annual property tax bill is approximately $1,405, significantly below the national median of $2,690. Property taxes in Fife Lake are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Fife Lake'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 Fife Lake or elsewhere in the area, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fife Lake, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$1,403
$1,302
Ownwell’s Fife Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fife Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fife 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 Fife Lake, Michigan
Property taxes in Fife Lake, Michigan, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Fife Lake is 0.88%, which is below the U.S. national median of 0.99%. Local government entities in Fife Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fife Lake estimates its required budget to maintain services for the upcoming fiscal year and 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. Understanding how these cities compare with Fife Lake 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 Fife Lake Tax Rate
0.88%
Average Wexford County Tax Rate
1.72%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fife Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49633 | 0.88% | 0.88% | 0.88% | 0.88% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Fife Lake, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Fife Lake, Michigan. 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 Fife 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 Fife Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 49633 has both the highest and lowest median tax bills, each amounting to $1,405, offering a clear picture of the tax landscape in the area.
Average Fife Lake Assessed Value
$159,400
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 Fife Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49633 | $159,400 | $159,400 | $159,400 | $159,400 | $159,400 |
Source: Ownwell
Property Tax Bills Across Fife Lake, Michigan
In Fife Lake, Wexford County, MI, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor. This assessed value is typically a percentage of the market value of the home. For instance, with a median home price of $159,400, the assessed value would be a fraction of this amount. The property tax rate is then applied to this assessed value to determine the tax bill. Factors such as property location, improvements, and market conditions can influence the assessed value. In Fife Lake, the median property tax bill stands at $1,405, which is notably higher than the national median property tax rate of 0.99%. This figure remains consistent across various percentiles, indicating a uniform tax burden for homeowners in this area. High property taxes can impact homeowners by increasing their annual housing costs, which may affect their overall financial planning and the affordability of homeownership in the region.
Average Fife Lake Tax Bill
$1,405
Average Wexford County Tax Bill
$1,919
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Fife Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49633 | $1,405 | $1,405 | $1,405 | $1,405 | $1,405 |
Source: Ownwell