Lake City, Missaukee County, Michigan Property Taxes

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

Median Lake City, MI effective property tax rate: 1.06%, slightly higher than the national median of 1.02%, but lower than the Michigan state median of 1.07%.
Median Lake City, MI home value: $114,600
Median annual Lake City, MI tax bill: $1,181, $1,219 lower than the national median property tax bill of $2,400.

How are property taxes in Missaukee County calculated?

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

Last Updated March 1, 2025

Lake City, Missaukee County, Michigan Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.06%

Estimate Property Tax Bill

$1,215

$1,127

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

Property Tax Rates Across Lake City, Missaukee County, Michigan

Local government entities determine tax rates, which can vary significantly within a state. Each year, counties estimate their budget needs to provide essential services and divide that by the total value of all taxable properties within their jurisdiction. This calculation results in the property tax rate. While votes and laws play a role in setting these rates and budgets, this is essentially the annual process.

In Lake City, located in Missaukee County, Michigan, the effective property tax rate stands at 1.06%. This rate is slightly above the national median property tax rate of 1.02%. When compared to the median property tax rate in Michigan, which is also 1.06%, Lake City aligns closely with the state average. This consistency reflects the uniform approach to property tax assessment within the region.

For property owners in Lake City, understanding these rates is crucial for effective financial planning. By staying informed, they can better anticipate their annual tax liabilities and explore opportunities for appeals or exemptions, ensuring they are not overburdened by property taxes.

Property Tax Rates Across Lake City, Missaukee County, Michigan

Source: Ownwell

0.70%

0.96%

1.23%

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 City Tax Rate

1.06%

Median Effective Missaukee County Tax Rate

0.95%

Median Effective Michigan Tax Rate

1.07%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Lake City, Missaukee County, Michigan

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
49651	0.68%	0.81%	1.06%	1.44%	1.74%

Source: Ownwell

Property Tax Assessment Values Across Lake City, Missaukee County, Michigan

When examining property taxes in Lake City, 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 Missaukee 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 Missaukee County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of March. 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 Lake City. For example, the median home price in Lake City is $114,600, with tax bills ranging significantly across the county. Zip code 49651 has the highest median home price at $114,600.

Property Tax Assessment Values Across Lake City, Missaukee County, Michigan

Source: Ownwell

$98,300

$125,850

$153,400

Median Lake City Market Value

$114,600

Median Missaukee County Market Value

$117,600

Median Michigan Market Value

$177,800

Median United States Market Value

$235,294

Property Tax Assessment Values Across Lake City, Missaukee County, Michigan

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
49651	$33,920	$60,800	$114,600	$201,800	$326,360

Source: Ownwell

Property Tax Bills Across Lake City, Missaukee County, Michigan

In Lake City, located in Missaukee County, MI, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is typically a percentage of the property's market value, which in this area is influenced by the median home price of $114,600. Homeowners in Lake City can expect property tax bills that range significantly, with the 25th percentile at $651 and the 75th percentile reaching $2,100. Notably, the 90th percentile tax bill can soar to $3,899. Despite the variability, the median tax bill in the 49651 zip code is $1,181, which is below the national median of $2,400. This discrepancy highlights the potential for savings, as property taxes can significantly impact a homeowner's annual expenses. Ownwell offers valuable assistance to homeowners by providing expert property tax appeal services. By working with Ownwell, homeowners can potentially reduce their tax bills, ensuring they pay only their fair share and increase their financial savings.

Property Tax Bills Across Lake City, Missaukee County, Michigan

Source: Ownwell

$914

$1,059

$1,204

Median Lake City Tax Bill

$1,181

Median Missaukee County Tax Bill

$1,099

Median Michigan Tax Bill

$1,795

Median United States Tax Bill

$2,400

Property Tax Bills Across Lake City, Missaukee County, Michigan

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
49651	$353	$651	$1,181	$2,100	$3,899

Source: Ownwell