Thompsonville, Michigan Property Taxes
The median property tax rate in Thompsonville, MI is 0.83%, which is notably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $177,000 in Thompsonville, the typical annual property tax bill comes to $1,433, falling well below the national median of $2,690. Property taxes in Thompsonville are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Gaining a comprehensive understanding of Thompsonville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Thompsonville or another part of Manistee County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Thompsonville, Michigan Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$2,140
Ownwell’s Thompsonville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thompsonville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thompsonville 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 Thompsonville, Michigan
Property taxes in Thompsonville, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thompsonville is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Thompsonville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thompsonville 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 Thompsonville's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49683 zip code has the highest median property tax rate of 0.83%, while the 49683 zip code also has the lowest median tax rate of 0.83%. Understanding how these areas compare with Thompsonville provides valuable insights into the varying tax landscape across Manistee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Thompsonville Tax Rate
0.83%
Average Manistee County Tax Rate
1.18%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thompsonville, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49683 | 0.48% | 0.61% | 0.83% | 1.22% | 1.52% |
Source: Ownwell
Property Tax Assessment Values Across Thompsonville, Michigan
In Thompsonville, 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 Manistee 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 Thompsonville, 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 Thompsonville is $177,000, with tax bills ranging from $727 at the 25th percentile to $4,033 at the 90th percentile. The zip code 49683 has both the highest and lowest median tax bill at $1,433. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Thompsonville Assessed Value
$177,000
Average Manistee County Assessed Value
$141,200
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Thompsonville, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49683 | $51,880 | $99,500 | $177,000 | $288,800 | $401,200 |
Source: Ownwell
Property Tax Bills Across Thompsonville, Michigan
In Thompsonville, located in Manistee County, MI, property tax bills are calculated based on the assessed value of a property, which is typically 50% of its market value. For example, a home with a median price of $177,000 would have an assessed value of around $88,500. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence a homeowner's tax bill, including property location, improvements, and changes in market conditions. In Thompsonville, the tax bill can vary significantly. For instance, the tax bill at the 25th percentile is $727, while at the 75th percentile, it rises to $2,564. At the 90th percentile, it can reach as high as $4,033. These property tax bills significantly impact homeowners by influencing their overall housing costs and financial planning. Compared to the national median property tax rate of 0.99%, Thompsonville's rates and resulting tax bills reflect the unique economic conditions of the area.
Average Thompsonville Tax Bill
$1,433
Average Manistee County Tax Bill
$1,612
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Thompsonville, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49683 | $397 | $727 | $1,433 | $2,564 | $4,033 |
Source: Ownwell