Leroy, Lake County, Michigan Property Taxes
Median Leroy, MI effective property tax rate: 0.32%, significantly lower than the national median of 1.02%, and also lower than the Michigan state median of 1.07%. Median Leroy, MI home value: $118,600. Median annual Leroy, MI tax bill: $387, $2,013 lower than the national median property tax bill of $2,400.
How are property taxes in Lake calculated? Property taxes in Leroy, 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 Leroy’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Leroy, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Leroy, Lake County, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.76%
Estimate Property Tax Bill
$1,248
$1,158
Property Tax Rates Across Leroy, Lake County, Michigan
Local government entities set tax rates, which can vary widely within a state. Each county annually estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While votes and laws are involved in setting tax rates and budgets, this is the annual process.
In Leroy, located in Lake County, Michigan, the effective property tax rate is significantly lower than the national median of 1.02%. This means that residents in Leroy benefit from a lower tax burden compared to the average U.S. homeowner. When compared to other cities in Michigan, Leroy's rate also stands out as being more favorable, offering a financial advantage to property owners.
The median property tax rate in Michigan is below the national median, making it an attractive state for property buyers seeking lower tax rates. Comparing Leroy's rate to both state and national figures highlights the potential savings for homeowners in this area. Understanding these differences can be crucial for potential property buyers and current homeowners looking to manage their finances effectively.
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 Leroy Tax Rate
0.76%
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 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 Leroy, Lake County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49655 | 0.50% | 0.65% | 0.76% | 0.98% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Leroy, Lake County, Michigan
When examining property taxes in Leroy, 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 Leroy. For example, the median home price in Leroy is $118,600, with tax bills ranging significantly across the county. Zip code 49655 has the highest median home price at $118,600.
Property Tax Assessment Values Across Leroy, Lake County, Michigan
Source: Ownwell
$67,600
$115,900
$164,200
Median Leroy Market Value
$164,200
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 Leroy, Lake County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49655 | $49,040 | $80,900 | $164,200 | $226,900 | $298,480 |
Source: Ownwell
Property Tax Bills Across Leroy, Lake County, Michigan
In Leroy, MI, property tax bills are determined by assessing the property's value and applying the local tax rate. The median home price in the area is $118,600. Tax bills range significantly, with the 25th percentile at $220 and the 90th percentile reaching $798, indicating variability based on property value and location. Notably, the highest and lowest median tax bills in the region both stand at $387, reflecting a unique uniformity in certain areas within the 49655 zip code. Compared to the national median property tax bill of $2,400, Leroy's figures are considerably lower, making it an attractive area for homeowners seeking lower property tax obligations.
Ownwell assists homeowners in navigating these tax assessments by offering property tax appeal and exemption services. By analyzing property values and ensuring accurate assessments, Ownwell helps homeowners potentially reduce their tax bills, providing financial relief and ensuring fair taxation. This service is invaluable for homeowners looking to optimize their property tax expenses and take advantage of potential savings.
Median Leroy Tax Bill
$1,145
Median Lake County Tax Bill
$1,026
Median Michigan Tax Bill
$2,084
Median United States Tax Bill
$2,400
Property Tax Bills Across Leroy, Lake County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49655 | $310 | $654 | $1,145 | $1,882 | $2,363 |
Source: Ownwell