Grosse Pointe Woods, Michigan Property Taxes
The median property tax rate in Grosse Pointe Woods, MI is 2.01%, significantly higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Grosse Pointe Woods at $111,800, the typical annual property tax bill reaches $2,239, which is still below the national median of $2,690. Property taxes in Grosse Pointe Woods are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Grosse Pointe Woods' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Grosse Pointe Woods or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Grosse Pointe Woods, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.01%
Estimate Property Tax Bill
$2,247
Ownwell’s Grosse Pointe Woods Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grosse Pointe Woods with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grosse Pointe Woods to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Grosse Pointe Woods, Michigan
Property taxes in Grosse Pointe Woods, Michigan, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Grosse Pointe Woods is 2.01%, significantly higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Grosse Pointe Woods set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grosse Pointe Woods estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Grosse Pointe Woods' effective property tax rate to other counties in Michigan and the national median. For comparison, the zip code 48236 has the highest median property tax rate of 2.01%, while the same zip code 48236 also has the lowest median tax rate of 2.01%. Understanding how these cities compare with Grosse Pointe Woods provides valuable insights into the varying tax landscape across Macomb County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grosse Pointe Woods Tax Rate
2.01%
Average Macomb County Tax Rate
1.19%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grosse Pointe Woods, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48236 | 1.52% | 1.87% | 2.01% | 2.23% | 2.34% |
Source: Ownwell
Property Tax Assessment Values Across Grosse Pointe Woods, Michigan
In Grosse Pointe Woods, Michigan, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Macomb County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Grosse Pointe Woods, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. The median home price in Grosse Pointe Woods is $111,800, with tax bills ranging from $1,436 at the 25th percentile to $3,891 at the 90th percentile. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Grosse Pointe Woods, Michigan
Source: Ownwell
$78,140
$314,270
$550,400
Average Grosse Pointe Woods Assessed Value
$111,800
Average Macomb County Assessed Value
$209,990
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grosse Pointe Woods, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48236 | $61,200 | $67,650 | $111,800 | $156,850 | $208,360 |
Source: Ownwell
Property Tax Bills Across Grosse Pointe Woods, Michigan
In Grosse Pointe Woods, located in Macomb County, MI, property tax bills are calculated based on the assessed value of your home, which is determined by the local tax assessor. This assessed value is typically a percentage of the market value of your property. The tax rate, or millage rate, is then applied to this assessed value to compute the total tax bill. Various factors, such as the property's size, location, and any improvements made, can influence the assessed value. Homeowners in Grosse Pointe Woods experience property tax bills that vary widely. For instance, the 25th percentile tax bill stands at $1,436, while the 75th percentile tax bill reaches $3,358. The 90th percentile tax bill can go as high as $3,891. With the highest and lowest median tax bills both recorded at $2,239 in the 48236 zip code, the property tax rate here is notably higher than the national median property tax rate of 0.99%. This means homeowners need to budget carefully to accommodate these costs.
Average Grosse Pointe Woods Tax Bill
$2,239
Average Macomb County Tax Bill
$2,603
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Grosse Pointe Woods, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48236 | $1,186 | $1,436 | $2,239 | $3,358 | $3,891 |
Source: Ownwell