48464 Property Tax Rate

Property owners in ZIP code 48464 (Otter Lake, Michigan) pay a median of $2,187/year in property taxes on homes valued at $186,600. This translates to an effective tax rate of 1.17%, which is 4% below the Michigan state average of 1.22%.

The monthly property tax burden for a median-valued home in 48464 is approximately $182, which factors into escrow payments on mortgages. This ZIP code is located within Lapeer County. This is $239 less than the Michigan average of $2,426/year.

Compared to similar ZIP codes in Michigan, 48464 has higher property taxes. ZIP codes with similar effective rates include 48159 (1.17%) and 49276 (1.17%).

In Otter Lake, property taxes represent approximately 3.4% of the median household income of $64,464, providing context for the relative tax burden on homeowners in this area.

Under Michigan's Proposal A, your property will be "uncapped" and reassessed to current market value at purchase, resetting your tax base and increasing your bill compared to the prior owner's assessed value. Lapeer County offers the Principle Residence Exemption (PRE), which removes school operating tax obligation from your bill if you own and occupy the home as primary residence; file with the county assessor. Submit your PRE application to the Lapeer County Assessor within 30 days of closing to ensure the exemption applies and to avoid paying school operating millage.