Lake Ct, Schoolcraft County, Michigan Property Taxes

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

Median LAKE CT, MI effective property tax rate: 0.92%, significantly lower than the national median of 1.02%, and lower than the Michigan state median of 1.05%.
Median LAKE CT, MI home value: $130,700
Median annual LAKE CT, MI tax bill: $1,383, $1,017 lower than the national median property tax bill of $2,400.

How are property taxes in Schoolcraft calculated?

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

Last Updated March 1, 2025

Lake Ct, Schoolcraft County, Michigan Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.92%

Estimate Property Tax Bill

$1,202

$1,116

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

Property Tax Rates Across Lake Ct, Schoolcraft County, Michigan

Local government entities determine tax rates, which can differ significantly within a state. This is because each county estimates its required budget to provide services annually and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While votes and laws play a role in setting tax rates and budgets, this is essentially the annual process. In Lake City, located in Schoolcraft County, Michigan, the effective property tax rate is lower compared to the county's median. This indicates a more favorable tax environment for property owners in Lake City. The median property tax rate in Michigan is 0.92%, which is below the national median of 1.02%. Consequently, property owners in Lake City and the broader Michigan area may benefit from relatively lower property tax bills compared to the national average. Understanding these differences can empower property owners to make informed decisions about appealing their property tax assessments and exploring potential exemptions.

Property Tax Rates Across Lake Ct, 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 Lake Ct Tax Rate

0.92%

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 Lake Ct, Schoolcraft County, Michigan

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

Source: Ownwell

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

When examining property taxes in 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 Lake. For example, the median home price in Lake is $130,700, with tax bills ranging significantly across the county.

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

Source: Ownwell

$87,200

$208,800

$330,400

Median Lake Ct Market Value

$130,700

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 Lake Ct, Schoolcraft County, Michigan

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

Source: Ownwell

Property Tax Bills Across Lake Ct, Schoolcraft County, Michigan

In Lake City, located in Schoolcraft County, Michigan, property tax bills are determined based on the assessed value of a home, which is typically 50% of the market value. For a median home price of $130,700, this results in an assessed value of approximately $65,350. The local tax rate is then applied to this assessed value to calculate the annual tax bill. Homeowners in this area can expect a tax bill ranging significantly, with the 25th percentile at $692 and the 75th percentile reaching $2,439. This variance highlights the potential for substantial savings if the property is over-assessed.

Homeowners can benefit from Ownwell's expertise in property tax appeals. By leveraging our knowledge and experience, we can help identify discrepancies in property assessments and file appeals on behalf of homeowners. This service can lead to significant reductions in property tax bills, ensuring homeowners are not overpaying and are only taxed on the accurate value of their property.

Property Tax Bills Across Lake Ct, Schoolcraft County, Michigan

Source: Ownwell

$857

$2,052

$3,247

Median Lake Ct Tax Bill

$1,383

Median Schoolcraft County Tax Bill

$1,214

Median Michigan Tax Bill

$2,084

Median United States Tax Bill

$2,400

Property Tax Bills Across Lake Ct, Schoolcraft County, Michigan

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

Source: Ownwell