49628 Property Tax Rate

Property owners in ZIP code 49628 (Elberta, Michigan) pay a median of $2,737/year in property taxes on homes valued at $272,400. This translates to an effective tax rate of 1.00%, which is 18% below the Michigan state average of 1.22%.

The monthly property tax burden for a median-valued home in 49628 is approximately $228, which factors into escrow payments on mortgages. This ZIP code is located within Benzie County. This is $311 more than the Michigan average of $2,426/year.

Compared to similar ZIP codes in Michigan, 49628 has higher property taxes. ZIP codes with similar effective rates include 49047 (1.00%) and 49878 (1.00%).

In Elberta, property taxes represent approximately 2.2% of the median household income of $125,938, providing context for the relative tax burden on homeowners in this area.

Michigan's Proposal A reassesses your property to market value at purchase, replacing the prior owner's capped annual increase arrangement. The Principle Residence Exemption (PRE) reduces school operating taxes for owner-occupied homes — submit your claim to the Benzie County Assessor by March 1 of the following year to capture the exemption. File your PRE application with the Benzie County Assessor within 30 days of closing to ensure the exemption takes effect on January 1.