Otter Lake, Lapeer County, Michigan Property Taxes
Median Otter Lake, MI effective property tax rate: 0.32%, significantly lower than the national median of 1.02%, but lower than the Michigan state median of 1.07%.
Median Otter Lake, MI home value: $171,800
Median annual Otter Lake, MI tax bill: $550, $1,850 lower than the national median property tax bill of $2,400.
How are property taxes in Lapeer calculated?
Property taxes in Otter Lake, 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 Otter Lake’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Otter Lake, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Otter Lake, Lapeer County, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.73%
Estimate Property Tax Bill
$1,393
$1,293
Property Tax Rates Across Otter Lake, Lapeer County, Michigan
Local government entities set tax rates, which can vary widely within a state. This is because each county annually 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.
Otter Lake in Lapeer County, Michigan, offers a unique perspective on property tax rates. The effective property tax rate here is notably lower than both the Michigan state median and the national median of 1.02%. This lower rate can be appealing for property owners, especially when compared to the national median property tax bill of $2,400.
For potential homeowners or those considering property investments, Otter Lake's property tax rate could represent significant savings. This lower tax burden can make a substantial difference in long-term financial planning. Comparing Otter Lake's effective property tax rate to other cities in Michigan and the U.S. highlights its potential as a financially advantageous location.
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 Otter Lake Tax Rate
0.73%
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 Lapeer County Tax Rate
0.41%
Median Effective Michigan Tax Rate
1.05%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Otter Lake, Lapeer County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48464 | 0.29% | 0.42% | 0.73% | 0.95% | 1.51% |
Source: Ownwell
Property Tax Assessment Values Across Otter Lake, Lapeer County, Michigan
When examining property taxes in Otter Lake, 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 Lapeer 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 Lapeer 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 Otter Lake.
For example, the median home price in Otter Lake is $171,800, with tax bills ranging significantly across the county. Zip code 48464 has the highest median home price at $171,800.
Property Tax Assessment Values Across Otter Lake, Lapeer County, Michigan
Source: Ownwell
$137,000
$291,500
$446,000
Median Otter Lake Market Value
$190,800
Median Lapeer County Market Value
$243,000
Median Michigan Market Value
$213,740
Median United States Market Value
$235,294
Property Tax Assessment Values Across Otter Lake, Lapeer County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48464 | $97,500 | $129,400 | $190,800 | $261,950 | $328,500 |
Source: Ownwell
Property Tax Bills Across Otter Lake, Lapeer County, Michigan
In Otter Lake, MI, property tax bills are determined by assessing the market value of a home and applying the local tax rate. With a median home price of $171,800, Otter Lake homeowners face property tax bills that typically range from $395 at the 25th percentile to $1,030 at the 90th percentile. This variability in tax bills highlights the influence of property values and local tax rates. Homeowners in Otter Lake can find their tax bills significantly different from the national median property tax bill of $2,400, as the median tax bill here is notably lower.
Factors such as changes in market value and local government budgets can affect these tax bills, potentially increasing the financial burden on homeowners. Ownwell specializes in property tax appeal services, helping homeowners in Otter Lake potentially reduce their tax bills by ensuring their property is fairly assessed. By leveraging expert knowledge and local data, Ownwell can assist in identifying discrepancies in property assessments and filing successful appeals, ultimately saving homeowners money.
Median Otter Lake Tax Bill
$1,256
Median Lapeer County Tax Bill
$1,082
Median Michigan Tax Bill
$2,084
Median United States Tax Bill
$2,400
Property Tax Bills Across Otter Lake, Lapeer County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48464 | $498 | $742 | $1,256 | $1,904 | $2,949 |
Source: Ownwell