Honor, Benzie County, Michigan Property Taxes

Name: Property Tax Bills Across Honor, Benzie County, Michigan
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median HONOR, MI effective property tax rate: 0.31%, significantly lower than the national median of 1.02%, but lower than the Michigan state median of 1.07%.
Median HONOR, MI home value: $241,500
Median annual HONOR, MI tax bill: $742, $1,658 lower than the national median property tax bill of $2,400.

How are property taxes in Benzie County calculated?

Property taxes in HONOR, MI are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding HONOR’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in HONOR, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Honor, Benzie County, Michigan Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.31%

Estimate Property Tax Bill

$749

$695

Ownwell’s HONOR Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in HONOR with just two data points. By entering your property's estimated assessed value, our calculator applies HONOR’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Benzie County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Honor, Benzie County, Michigan

Local government entities are responsible for setting property tax rates, which can differ significantly even within the same state. Each year, counties determine their budgetary needs to fund essential services and then divide this amount by the total assessed value of all taxable properties within their borders. This calculation establishes the property tax rate for the area. While the process involves votes and legislative measures, this is the basic annual routine for setting property tax rates.

In HONOR, located in Benzie County, the effective property tax rate stands out when compared to other cities across Michigan and the national median. Michigan's median property tax rate is notably lower than the national median of 1.02%. This makes HONOR an attractive location for property owners looking to benefit from lower tax rates. The lower tax burden can be a significant factor for homeowners and investors when deciding where to purchase property. Understanding these rates is crucial for making informed real estate decisions, especially when considering potential savings over time.

Property Tax Rates Across Honor, Benzie County, Michigan

Source: Ownwell

0.29%

0.58%

0.87%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Honor Tax Rate

0.31%

Median Effective Benzie County Tax Rate

0.34%

Median Effective Michigan Tax Rate

1.07%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Honor, Benzie County, Michigan

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
49640	0.20%	0.25%	0.31%	0.37%	0.44%

Source: Ownwell

Property Tax Assessment Values Across Honor, Benzie County, Michigan

When examining property taxes in HONOR, MI, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Benzie County Equalization Department estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Benzie County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in HONOR.

For example, the median home price in HONOR is $241,500, with tax bills ranging significantly across the county. 49640 has the highest median home price at $241,500.

Property Tax Assessment Values Across Honor, Benzie County, Michigan

Source: Ownwell

$129,000

$286,500

$444,000

Median Honor Market Value

$241,500

Median Benzie County Market Value

$250,400

Median Michigan Market Value

$177,800

Median United States Market Value

$235,294

Property Tax Assessment Values Across Honor, Benzie County, Michigan

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
49640	$98,000	$152,050	$241,500	$413,500	$634,400

Source: Ownwell

Property Tax Bills Across Honor, Benzie County, Michigan

In Honor, located in Benzie County, MI, property tax bills are determined by assessing the property's value and applying the local tax rate. The median home price in this area is $241,500, which plays a crucial role in calculating the tax bill. Factors such as location, property size, and any improvements made to the property can influence its assessed value. Homeowners in Honor typically face a median property tax bill of $742, which is significantly lower than the national median of $2,400. This lower tax burden can be attributed to the region's relatively moderate property values and tax rates. However, even with lower tax bills, homeowners can benefit from appealing their property tax assessments to ensure they are not overpaying. Ownwell specializes in helping homeowners save on their property tax bills by identifying potential errors in assessments and filing appeals on their behalf. By leveraging Ownwell's expertise, homeowners can potentially reduce their tax liabilities and enjoy greater financial peace of mind.

Property Tax Bills Across Honor, Benzie County, Michigan

Source: Ownwell

$535

$1,583

$2,631

Median Honor Tax Bill

$742

Median Benzie County Tax Bill

$868

Median Michigan Tax Bill

$1,795

Median United States Tax Bill

$2,400

Property Tax Bills Across Honor, Benzie County, Michigan

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
49640	$261	$442	$742	$1,280	$2,137

Source: Ownwell