Thompsonville, Michigan Property Taxes
The median property tax rate in Thompsonville, MI is 0.33%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $235,344 in Thompsonville, the typical annual property tax bill is $754, which is well below the national median of $2,690. Property taxes in Thompsonville 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 Thompsonville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Thompsonville or another part of the city, comprehending 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
$1,500,000
$3,000,000
Average Tax Rate
0.33%
Estimate Property Tax Bill
$777
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 0.33%, which is lower than both the Michigan state median and 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. Understanding how these cities compare with Thompsonville provides valuable insights into the varying tax landscape across Grand Traverse County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Thompsonville Tax Rate
0.33%
Average Grand Traverse County Tax Rate
0.70%
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 | 0.23% | 0.29% | 0.33% | 0.42% | 0.53% |
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 Grand Traverse 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. 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 in Thompsonville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 49683 in Thompsonville has both the highest and lowest median tax bill at $754, reflecting the unique property tax landscape in this area.
Property Tax Assessment Values Across Thompsonville, Michigan
Source: Ownwell
$180,504
$256,152
$331,800
Average Thompsonville Assessed Value
$235,344
Average Grand Traverse County Assessed Value
$287,584
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 | $46,470 | $117,993 | $235,344 | $357,328 | $572,543 |
Source: Ownwell
Property Tax Bills Across Thompsonville, Michigan
In Thompsonville, located in Grand Traverse County, MI, property tax bills are determined by assessing the market value of a home and applying the local tax rate. The assessed value is typically a percentage of the market value, and this figure is then multiplied by the tax rate to calculate the annual property tax bill. For example, with a median home price of $235,344, homeowners can expect varying tax bills depending on specific assessments and exemptions. Factors influencing the tax bill include the assessed value of the property, local tax rates, and any applicable exemptions or deductions. For instance, in Thompsonville, tax bills can range significantly, with the 25th percentile at $413 and the 75th percentile reaching $1,065. At the 90th percentile, homeowners might see tax bills as high as $1,394. Comparatively, the national median property tax rate is 0.99%, making it crucial for homeowners in Thompsonville to understand their specific rates and assessments to effectively manage their property tax obligations.
Average Thompsonville Tax Bill
$754
Average Grand Traverse County Tax Bill
$2,154
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 | $207 | $413 | $754 | $1,065 | $1,394 |
Source: Ownwell