Island Lake, Schoolcraft County, Michigan Property Taxes

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

Median Island Lake, MI effective property tax rate: 0.89%, significantly lower than the national median of 1.02%, and lower than the Michigan state median of 1.05%.
Median Island Lake, MI home value: $190,800
Median annual Island Lake, MI tax bill: $1,701, $699 lower than the national median property tax bill of $2,400.

How are property taxes in Schoolcraft County calculated?

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

Last Updated March 1, 2025

Island Lake, Schoolcraft County, Michigan Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.89%

Estimate Property Tax Bill

$1,698

$1,576

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

Property Tax Rates Across Island Lake, Schoolcraft County, Michigan

Local government entities determine tax rates, which can differ significantly within a state. Each year, counties calculate their necessary budget to fund services and then divide that amount by the total value of all taxable properties in their area. This process establishes the property tax rate. While votes and regulations play a part in setting tax rates and budgets, this is the fundamental annual procedure.

In Island Lake, located in Schoolcraft County, Michigan, the effective property tax rate is lower than the county's median rate. This is particularly noteworthy when compared to the national median property tax rate of 1.02%. Michigan's median property tax rate stands at 0.89%, which is below the national average. Consequently, property owners in Island Lake benefit from relatively lower property tax rates compared to other regions in the U.S. By understanding these dynamics, property owners can make informed decisions regarding their investments and potential savings on property taxes.

Property Tax Rates Across Island Lake, Schoolcraft County, Michigan

Source: Ownwell

0.68%

1.04%

1.41%

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 Island Lake Tax Rate

0.89%

Median Effective Schoolcraft County Tax Rate

1.00%

Median Effective Michigan Tax Rate

1.05%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Island Lake, Schoolcraft County, Michigan

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile

Source: Ownwell

Property Tax Assessment Values Across Island Lake, Schoolcraft County, Michigan

When examining property taxes in Island 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 Schoolcraft 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 Schoolcraft 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 Island Lake. For example, the median home price in Island Lake is $190,800, with tax bills ranging significantly across the county.

Property Tax Assessment Values Across Island Lake, Schoolcraft County, Michigan

Source: Ownwell

$87,200

$208,800

$330,400

Median Island Lake Market Value

$190,800

Median Schoolcraft County Market Value

$118,200

Median Michigan Market Value

$213,740

Median United States Market Value

$235,294

Property Tax Assessment Values Across Island Lake, Schoolcraft County, Michigan

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile

Source: Ownwell

Property Tax Bills Across Island Lake, Schoolcraft County, Michigan

In Island Lake, Schoolcraft County, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The assessed value is a percentage of the home's market value. With a median home price of $190,800, property tax rates in this area can lead to significant annual tax bills for homeowners. The median property tax bill in Island Lake is comparable to the national median of $2,400, with the 25th percentile at $1,392 and the 75th percentile reaching $2,420. These figures highlight the potential financial burden on homeowners, especially those with higher-valued properties, as the 90th percentile tax bill climbs to $2,980. Ownwell offers services that can help homeowners in Island Lake potentially reduce their property tax bills. By providing property tax appeal and exemption services, Ownwell assists homeowners in ensuring their assessments are fair and accurate, potentially leading to reduced tax liabilities and significant savings.

Property Tax Bills Across Island Lake, Schoolcraft County, Michigan

Source: Ownwell

$857

$2,052

$3,247

Median Island Lake Tax Bill

$1,701

Median Schoolcraft County Tax Bill

$1,214

Median Michigan Tax Bill

$2,084

Median United States Tax Bill

$2,400

Property Tax Bills Across Island Lake, Schoolcraft County, Michigan

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile

Source: Ownwell