Petoskey, Charlevoix County, Michigan Property Taxes
Median Petoskey, MI effective property tax rate: 0.33%, significantly lower than the national median of 1.02%, but lower than the Michigan state median of 1.07%.
Median Petoskey, MI home value: $376,400
Median annual Petoskey, MI tax bill: $1,459, $941 lower than the national median property tax bill of $2,400.
How are property taxes in Charlevoix calculated?
Property taxes in Petoskey, 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 Petoskey’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Petoskey, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Petoskey, Charlevoix County, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.71%
Estimate Property Tax Bill
$3,385
$3,141
Property Tax Rates Across Petoskey, Charlevoix County, Michigan
Local government entities are responsible for setting tax rates, which can vary significantly within Michigan. This variation occurs because each county annually estimates its budgetary needs to provide essential services. This budget is then divided by the total assessed value of all taxable properties within the county, resulting in the property tax rate. While votes and legislation play a role in determining these rates and budgets, this is the core process followed each year.
Petoskey, located in Charlevoix County, presents an interesting case study. The city's effective property tax rate can be compared to other cities within Michigan, as well as the state's median property tax rate and the national median. Michigan's median property tax rate is notably lower than the national median rate of 1.02%, which reflects the diverse economic and property value conditions across the state. Comparing these rates can provide valuable insights into regional differences and the impact on property owners. This information can be crucial for homeowners and investors looking to understand their potential tax liabilities and make informed decisions about property ownership and investments in Petoskey and beyond.
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 Petoskey Tax Rate
0.71%
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 Charlevoix County Tax Rate
0.90%
Median Effective Michigan Tax Rate
1.05%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Petoskey, Charlevoix County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49770 | 0.43% | 0.55% | 0.71% | 0.95% | 1.23% |
Source: Ownwell
Property Tax Assessment Values Across Petoskey, Charlevoix County, Michigan
When examining property taxes in Petoskey, 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 Charlevoix County appraisal district 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 Charlevoix 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 Petoskey. For example, the median home price in Petoskey is $376,400, with tax bills ranging significantly across the county. 49770 has the highest median home price at $376,400.
Property Tax Assessment Values Across Petoskey, Charlevoix County, Michigan
Source: Ownwell
$200,000
$389,200
$578,400
Median Petoskey Market Value
$476,800
Median Charlevoix County Market Value
$299,800
Median Michigan Market Value
$213,740
Median United States Market Value
$235,294
Property Tax Assessment Values Across Petoskey, Charlevoix County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49770 | $218,360 | $296,000 | $476,800 | $2,368,150 | $3,398,820 |
Source: Ownwell
Property Tax Bills Across Petoskey, Charlevoix County, Michigan
In Petoskey, located in Charlevoix County, MI, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the market value, which can fluctuate based on property market trends. Various factors, such as neighborhood developments and local government budgets, can influence both the assessed value and tax rate, impacting the final tax bill for homeowners.
Homeowners in Petoskey face diverse tax bills, with the 25th percentile at $754 and the 75th percentile reaching $3,930. The highest median tax bill in the area is $1,459, which is below the national median property tax bill of $2,400. This variation in tax bills highlights the importance of understanding the assessment process and potential savings.
Ownwell can assist homeowners by identifying discrepancies in assessments and exploring applicable exemptions, potentially reducing the tax burden. By leveraging expertise in property tax appeals, Ownwell helps ensure that homeowners in Petoskey pay a fair amount, aligning their tax bills more closely with their property's true market value.
Median Petoskey Tax Bill
$3,921
Median Charlevoix County Tax Bill
$2,666
Median Michigan Tax Bill
$2,084
Median United States Tax Bill
$2,400
Property Tax Bills Across Petoskey, Charlevoix County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49770 | $1,459 | $2,014 | $3,921 | $13,978 | $30,388 |
Source: Ownwell