Cadillac, Lake County, Michigan Property Taxes

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

Median Cadillac, MI effective property tax rate: 0.43%, significantly lower than the national median of 1.02%, and also lower than the Michigan state median of 1.07%.
Median Cadillac, MI home value: $41,400
Median annual Cadillac, MI tax bill: $165, $2,235 lower than the national median property tax bill of $2,400.

How are property taxes in Lake County calculated?

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

Last Updated March 1, 2025

Cadillac, Lake County, Michigan Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.01%

Estimate Property Tax Bill

$683

$634

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

Property Tax Rates Across Cadillac, Lake County, Michigan

Local government entities set tax rates, which can vary widely within a state. Why? Because 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. Below, you can compare Cadillac’s effective property tax rate to other cities in Michigan and the median property tax rates in Michigan and the U.S.

Cadillac, located in Lake County, Michigan, boasts a notably low property tax rate of 0.43%, significantly below the national median of 1.02%. This low rate can be appealing to property owners looking for affordability in their tax obligations. The consistency of this rate across the city suggests a stable tax environment, which is an attractive feature for both current and prospective homeowners. Furthermore, the median property tax bill in Cadillac is likely to be lower than the national median of $2,400, providing additional financial relief to residents. Such favorable tax conditions make Cadillac an enticing option for those seeking a cost-effective place to live.

Property Tax Rates Across Cadillac, Lake County, Michigan

Source: Ownwell

0.75%

0.90%

1.06%

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 Cadillac Tax Rate

1.01%

Median Effective Lake County Tax Rate

0.99%

Median Effective Michigan Tax Rate

1.05%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Cadillac, Lake County, Michigan

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
49601	0.71%	0.83%	1.01%	1.28%	1.35%

Source: Ownwell

Property Tax Assessment Values Across Cadillac, Lake County, Michigan

When examining property taxes in Cadillac, 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 Lake 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 Lake 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 Cadillac.

For example, the median home price in Cadillac is $41,400, with tax bills ranging significantly across the county. Zip code 49601 has the highest median home price at $41,400.

Property Tax Assessment Values Across Cadillac, Lake County, Michigan

Source: Ownwell

$67,600

$115,900

$164,200

Median Cadillac Market Value

$67,600

Median Lake County Market Value

$112,000

Median Michigan Market Value

$213,740

Median United States Market Value

$235,294

Property Tax Assessment Values Across Cadillac, Lake County, Michigan

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
49601	$25,600	$45,600	$67,600	$93,600	$219,880

Source: Ownwell

Property Tax Bills Across Cadillac, Lake County, Michigan

In Cadillac, MI, property tax bills are calculated based on the assessed value of a property, which is determined by the local tax assessor. This assessed value is a percentage of the property's market value. The property tax rate is then applied to this assessed value to determine the tax bill. In Cadillac, the median property tax bill is notably lower than the national median, with a median tax bill of $165, compared to the national median of $2400. Factors such as the property's location, size, and condition can influence the assessed value, and consequently, the tax bill. Homeowners in Cadillac can face tax bills ranging from $102 at the 25th percentile to $575 at the 90th percentile. Ownwell can assist homeowners by reviewing their property tax assessments to identify potential savings. By appealing inaccurate assessments and ensuring eligible exemptions are applied, Ownwell helps homeowners reduce their property tax bills, potentially saving them hundreds of dollars annually.

Property Tax Bills Across Cadillac, Lake County, Michigan

Source: Ownwell

$695

$1,086

$1,476

Median Cadillac Tax Bill

$733

Median Lake County Tax Bill

$1,026

Median Michigan Tax Bill

$2,084

Median United States Tax Bill

$2,400

Property Tax Bills Across Cadillac, Lake County, Michigan

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
49601	$240	$428	$733	$1,212	$1,884

Source: Ownwell