Petoskey, Emmet County, Michigan Property Taxes

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

Median Petoskey, MI effective property tax rate: 0.98%, slightly lower than the national median of 1.02%, but lower than the Michigan state median of 1.07%.
Median Petoskey, MI home value: $283,800
Median annual Petoskey, MI tax bill: $2,900, $500 higher than the national median property tax bill of $2,400.

How are property taxes in Emmet County 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, Emmet County, Michigan Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.98%

Estimate Property Tax Bill

$2,781

$2,581

Ownwell’s Petoskey Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Petoskey with just two data points. By entering your property's estimated assessed value, our calculator applies Petoskey’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 Emmet County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Petoskey, Emmet County, Michigan

Local government entities set tax rates, which can vary widely within a state. Annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.

In Petoskey, located in Emmet County, Michigan, the property tax rate reflects this process. Compared to the national median property tax rate of 1.02%, Petoskey's effective property tax rate of 0.98% is slightly lower. This is noteworthy as it indicates a more favorable tax environment compared to the national average, potentially making Petoskey an attractive location for property owners. Furthermore, Petoskey's rate aligns with the highest and lowest median tax rates within its own ZIP code, suggesting a consistent approach to property tax assessments in the area. This consistency can offer predictability for property owners, assisting them in financial planning and management. By understanding these rates and how they compare to broader statistics, property owners can make informed decisions about their investments.

Property Tax Rates Across Petoskey, Emmet County, Michigan

Source: Ownwell

0.83%

1.17%

1.51%

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

0.98%

Median Effective Emmet County Tax Rate

0.97%

Median Effective Michigan Tax Rate

1.07%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Petoskey, Emmet County, Michigan

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
49770	0.65%	0.77%	0.98%	1.38%	1.85%

Source: Ownwell

Property Tax Assessment Values Across Petoskey, Emmet 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 Emmet 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 Emmet County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. 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 $283,800, with tax bills ranging significantly across the county. 49770 has the highest median home price at $283,800.

Property Tax Assessment Values Across Petoskey, Emmet County, Michigan

Source: Ownwell

$135,400

$240,100

$344,800

Median Petoskey Market Value

$283,800

Median Emmet County Market Value

$259,800

Median Michigan Market Value

$177,800

Median United States Market Value

$235,294

Property Tax Assessment Values Across Petoskey, Emmet County, Michigan

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
49770	$117,060	$191,200	$283,800	$450,000	$824,840

Source: Ownwell

Property Tax Bills Across Petoskey, Emmet County, Michigan

In Petoskey, Emmet 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 home's market value. Petoskey's property tax bills vary significantly, with the 25th percentile at $1,861 and the 75th percentile reaching $5,001. Notably, the 90th percentile tax bill is $10,365, indicating a wide range of tax burdens for homeowners. The median home price in the area is $283,800, which can lead to substantial tax bills compared to the national median property tax bill of $2,400. This significant financial obligation can be challenging for homeowners, particularly when the tax bill exceeds the national median property tax rate of 1.02%. Ownwell offers valuable assistance by providing property tax appeal and exemption services. By leveraging their expertise, homeowners can potentially reduce their tax bills, ensuring they only pay their fair share. This service is crucial in helping homeowners manage and minimize their property tax expenses.

Property Tax Bills Across Petoskey, Emmet County, Michigan

Source: Ownwell

$1,169

$2,302

$3,435

Median Petoskey Tax Bill

$2,900

Median Emmet County Tax Bill

$2,560

Median Michigan Tax Bill

$1,795

Median United States Tax Bill

$2,400

Property Tax Bills Across Petoskey, Emmet County, Michigan

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
49770	$1,257	$1,861	$2,900	$5,001	$10,365

Source: Ownwell