49840 Property Tax Rate

Property owners in ZIP code 49840 (Gulliver, Michigan) pay a median of $1,377/year in property taxes on homes valued at $190,800. This translates to an effective tax rate of 0.72%, which is 41% below the Michigan state average of 1.22%.

The monthly property tax burden for a median-valued home in 49840 is approximately $115, which factors into escrow payments on mortgages. This ZIP code is located within Schoolcraft County. This is $1,049 less than the Michigan average of $2,426/year.

Compared to similar ZIP codes in Michigan, 49840 has higher property taxes. ZIP codes with similar effective rates include 48762 (0.72%) and 49853 (0.72%).

In Gulliver, property taxes represent approximately 2.2% of the median household income of $61,250, providing context for the relative tax burden on homeowners in this area.

Schoolcraft County assessments reset to full market value at sale under Proposal A, then increase annually at the lesser of 5% or CPI, protecting against sudden jumps. The Principle Residence Exemption (PRE) eliminates school operating tax on your primary home—apply to the Schoolcraft County Assessor immediately after purchase to qualify for the current tax year. Contact the assessor's office to request a copy of your assessment notice and confirm PRE exemption coding on your property record within 30 days of closing.