Example of Leelanau County Property Tax Calculation
Leelanau County calculates property taxes based on the value of the property. The formula for calculating property taxes is as follows:
First, the county assessor determines the taxable value of the property. This is typically a percentage of the property's market value, which is decided during the most recent property assessment. For example, if the market value of a property is $100,000 and the taxable value is 50%, the taxable value would be $50,000.
Next, the millage rate is determined. This is the amount of tax per $1,000 of taxable value. For example, if the millage rate is 20 mills, the property owner will pay $20 for every $1,000 of taxable value.
Finally, the property tax is calculated by multiplying the taxable value by the millage rate and dividing by 1,000. For example, if the taxable value is $50,000 and the millage rate is 20 mills, the property tax would be calculated as follows:
$50,000 x 20 / 1,000 = $1,000
Therefore, the property owner would owe $1,000 in property taxes for the year. It's important to note that property taxes in Leelanau County are subject to change based on changes in property value and millage rates.
If you want appeal your property tax assessment - contact your local tax assessor.
Leelanau County Property Tax Rates
The Leelanau County Property Tax rates are as follows:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County Operating | $1.6499 |
| County Debt Service | $0.0635 |
| County Drain | $0.0325 |
| County Solid Waste | $0.2649 |
| County Recycling | $0.0500 |
| Conservation District | $0.0081 |
| Emergency Services | $0.3743 |
| Road Commission | $1.1172 |
| Library | $0.3921 |
| Intermediate School | $0.9879 |
| Michigan State University Extension | $0.0231 |
It is important to note that these rates are subject to change and may vary depending on the specific location and assessed value of the property. It is recommended that individuals consult with a tax professional for specific information regarding their property taxes.
Who sets property tax rates in Leelanau County ?
Property Tax Rates in Leelanau County
- The Leelanau County Board of Commissioners sets the property tax rates annually.
- The property tax rates for Leelanau County are typically set in December for the following year.
- The tax rates are based on the total taxable value of properties within the county and the county's budgetary needs.
- The property tax rates are then used to calculate the property taxes owed by property owners in the county.
- Property owners can appeal their property tax assessments if they believe their property has been overvalued or if there are errors in their assessment.
| Who sets the property tax rates in Leelanau County? |
|---|
| The Leelanau County Board of Commissioners |
| When are the property tax rates set in Leelanau County? |
|---|
| Annually in December for the following year |
Homestead exemptions in Leelanau County ?
To help homeowners in Leelanau County, Michigan navigate the county's Homestead exemptions and deductions, a table is provided below with the relevant information. This table includes columns for exemption, eligibility, amount, and notes.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Principal Residence Exemption (PRE) | Owner-occupied | 18 mills | Reduces property taxes |
| Property Tax Credit | Household income less than $50,000 | Up to $1,200 | Refundable credit for property taxes or rent |
| Homeowner's Principal Residence Exemption (HPRE) | Owner-occupied for at least 6 months of the year | Varies | Reduces property taxes |
| Disabled Veterans Exemption | Honorably discharged veteran with a service-connected disability | Varies | Exemption of up to $22,500 in taxable value depending on the disability rating |
| Veterans Exemption | Honorably discharged veteran without a service-connected injury | Varies | Exemption of up to $6,000 in taxable value |
| Surviving Spouse of a Veteran Exemption | Spouse of a deceased veteran | Varies | Exemption of up to $6,000 in taxable value |
| Agricultural Exemption | Agricultural property | Varies | Exemption from a portion of taxes for agricultural purposes |
| Historic Property Tax Exemption | Historically significant property | Varies | Exemption from a portion of taxes for maintaining and rehabilitating historic property |
| Poverty Exemption | Household income less than 250% of poverty level | Varies | Exemption from property taxes based on need |
| Hardship Exemption | Qualifying circumstances, such as medical emergency | Varies | Exemption from property taxes based on need |
| Veterans Trust Fund Grant Program - Home Improvement Grant | Veteran with a service-connected injury or disability | Up to $2,500 | Grant for home improvements to veterans with disabilities |
It is important to note that eligibility requirements and exemption amounts may vary based on individual circumstances. Homeowners in Leelanau County should consult with their local government offices or a tax professional for more information on how to claim these exemptions and deductions.
When is Leelanau County Property Tax due ?
Leelanau County Property Tax typically due in two installments every year. Here's everything you need to know about the payment and methods:
Payment Due Dates
| Installment | Due Date |
|---|---|
| First | February 14th |
| Second | September 14th |
Payment Methods
There are several ways to make payment for your Leelanau County Property Tax:
- Mail-in: Property Tax payment can be mailed to the Leelanau County Treasurer's Office with a check or money order. The address is 8527 E Government Center Dr. Suite 101, Suttons Bay, MI 49682.
- In-person: Property Tax payment can be made in person at the Leelanau County Treasurer's Office with cash, check, or money order. Their address is the same as mentioned above.
- Online: Property Tax payment can be made online using a credit or debit card through the Leelanau County Treasurer's Office website.
It's essential to keep in mind that if the due date falls on a weekend or holiday, payment must be made before the next business day. Additionally, failure to pay the property tax by the due date will result in late payment fees and interest charges.
We hope that this information helps you understand when Leelanau County Property Tax is typically due and how to make payment. To learn more, visit the official website of the Leelanau County Treasurer's Office.
If you have more questions - contact your local tax collector.
How is Leelanau County Property Tax penalty calculated ?
Leelanau County Property Tax Penalty Calculation:
When a property owner fails to pay their property taxes on time, a penalty is added to the amount owed. The penalty is calculated based on the unpaid balance and the number of days the payment is late.
Here is an example of how the Leelanau County property tax penalty is calculated:
| Date Due | Date Paid | Amount Due | Amount Paid | Days Late | Penalty Rate | Penalty Amount |
|---|---|---|---|---|---|---|
| 2/14/2021 | 3/1/2021 | $2,000 | $0 | 15 | 1% per month | $30 |
In this example, the property owner did not pay their property taxes due on February 14, 2021. They made a payment of $0 on March 1, 2021, which was 15 days late. The penalty rate in Leelanau County is 1% per month or 12% per year. Therefore, the penalty amount is calculated as follows:
Penalty Rate = 1% per month or 0.01 per month Penalty Amount = Amount Due x Penalty Rate x Number of Months Late Penalty Amount = $2,000 x 0.01 x 0.5 Penalty Amount = $30
In this case, the penalty amount was $30, which was added to the unpaid balance of $2,000. The property owner now owes $2,030 in property taxes.
It is important to note that the penalty rate may vary by state, county, or municipality. Property owners should always check with their local tax office to determine the penalty rate in their area. Additionally, property owners are responsible for paying their property taxes on time to avoid penalties and interest charges.
We recommend contacting the Leelanau County Tax Office or a local tax professional for the most up-to-date and accurate information.