Grosse Pointe Farms, Michigan Property Taxes
The median property tax rate in Grosse Pointe Farms, MI is 0.95%, slightly below the state median of 1.07% but still close to the national median of 0.99%. With a median home value of $399,400, the typical annual property tax bill in Grosse Pointe Farms reaches $4,087, significantly higher than the national median of $2,690. Property taxes in Grosse Pointe Farms 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 Farms' 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 Farms or another part of Wayne County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Grosse Pointe Farms, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$3,794
Ownwell’s Grosse Pointe Farms Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grosse Pointe Farms with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grosse Pointe Farms 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 Farms, Michigan
Property taxes in Grosse Pointe Farms, Michigan, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Grosse Pointe Farms is 0.95%, slightly below the Michigan state median of 1.54% but close to the U.S. national median of 0.99%. Local government entities within Grosse Pointe Farms set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grosse Pointe Farms 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 Farms' effective property tax rate to other areas in Wayne County and the national median. For comparison, the 48236 zip code has the highest median property tax rate of 0.96%, while the 48230 zip code has the lowest median tax rate of 0.88%. Understanding how these areas compare with Grosse Pointe Farms provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grosse Pointe Farms Tax Rate
0.95%
Average Wayne County Tax Rate
1.44%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grosse Pointe Farms, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48230 | 0.77% | 0.80% | 0.88% | 1.08% | 1.26% |
| 48236 | 0.79% | 0.87% | 0.96% | 1.15% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Grosse Pointe Farms, Michigan
In Grosse Pointe Farms, 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 Wayne County 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 Farms, 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. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. For instance, the highest median tax bill in the area is $4,142 in the 48236 zip code, while the lowest is $3,253 in the 48230 zip code. 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 Farms, Michigan
Source: Ownwell
$7,000
$311,100
$615,200
Average Grosse Pointe Farms Assessed Value
$399,400
Average Wayne County Assessed Value
$126,800
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grosse Pointe Farms, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48230 | $287,080 | $326,250 | $359,800 | $400,850 | $432,800 |
| 48236 | $270,600 | $313,600 | $402,800 | $706,350 | $1,090,260 |
Source: Ownwell
Property Tax Bills Across Grosse Pointe Farms, Michigan
In Grosse Pointe Farms, property tax bills are calculated based on the assessed value of a home, which is determined by the Wayne County Assessor's office. This assessed value is typically a percentage of the home's market value. Several factors influence the final tax bill, including the property's location, size, and any improvements made. Homeowners in Grosse Pointe Farms can expect their tax bills to vary significantly; for instance, the tax bill for the 25th percentile is around $3,022, while the 75th percentile sees bills as high as $7,135. The highest median tax bill in the area reaches $4,142 in the 48236 zip code. These figures contrast with the national median property tax rate of 0.99%, indicating that homeowners in Grosse Pointe Farms may face higher-than-average property taxes. The variability in tax bills can significantly impact homeowners, influencing decisions on property investments and long-term financial planning.
Average Grosse Pointe Farms Tax Bill
$4,087
Average Wayne County Tax Bill
$1,625
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Grosse Pointe Farms, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48230 | $2,667 | $2,891 | $3,253 | $4,048 | $4,572 |
| 48236 | $2,473 | $3,035 | $4,142 | $7,233 | $11,126 |
Source: Ownwell