Traverse City, Michigan Property Taxes
The median property tax rate in Traverse City, MI is 0.77%, considerably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Traverse City at $304,155, the typical annual property tax bill reaches $2,518, which is below the national median of $2,690. Property taxes in Traverse City are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Traverse City'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 Traverse City 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
Traverse City, 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 Traverse City Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Traverse City with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Traverse City to estimate your property tax bill. This valuable tool provides a clear understanding of potential tax liabilities. For those interested in neighborhood-level trends, scroll down to find more localized information. Your property's assessed value is the amount assigned by Grand Traverse County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Traverse City, Michigan
Property taxes in Traverse City, Michigan, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Traverse City is 0.77%, lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Traverse City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Traverse City 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 Traverse City's effective property tax rate to other areas in Michigan and the national median. For comparison, the 49684 zip code has the highest median property tax rate of 0.91%, while the 49685 zip code has the lowest median tax rate of 0.68%. Understanding how these areas compare with Traverse City 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 Traverse City Tax Rate
0.77%
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 Traverse City, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49684 | 0.57% | 0.68% | 0.91% | 1.39% | 1.89% |
| 49685 | 0.50% | 0.57% | 0.68% | 0.85% | 1.29% |
| 49686 | 0.51% | 0.63% | 0.85% | 1.35% | 1.65% |
| 49696 | 0.46% | 0.56% | 0.68% | 0.89% | 1.39% |
Source: Ownwell
Property Tax Assessment Values Across Traverse City, Michigan
In Traverse City, 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 Traverse City, 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. For instance, the highest median tax bill in Traverse City is $3,189 in the 49684 zip code, while the lowest median tax bill is $2,059 in the 49685 zip code. 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 Traverse City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Traverse City, Michigan
Source: Ownwell
$180,504
$256,152
$331,800
Average Traverse City Assessed Value
$304,155
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 Traverse City, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49684 | $180,381 | $252,542 | $328,828 | $438,715 | $602,926 |
| 49685 | $111,777 | $213,042 | $292,871 | $432,360 | $647,404 |
| 49686 | $131,661 | $211,166 | $299,283 | $488,232 | $861,718 |
| 49696 | $163,153 | $223,101 | $295,441 | $401,168 | $524,988 |
Source: Ownwell
Property Tax Bills Across Traverse City, Michigan
In Traverse City, located in Grand Traverse County, MI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The tax rate is applied to this assessed value to determine the final tax bill. Several factors influence the tax bill, including the home's location, size, and any applicable exemptions or deductions. For homeowners in Traverse City, the tax burden can vary significantly. For instance, the 25th percentile tax bill is around $1,545, while the 75th percentile tax bill reaches $4,096. The highest median tax bill in the area is in the 49684 zip code, amounting to $3,189, whereas the lowest median tax bill is $2,059 in the 49685 zip code. Compared to the national median property tax rate of 0.99%, Traverse City's property tax rates reflect a diverse range of values, impacting homeowners differently based on their specific circumstances. This variability emphasizes the importance of understanding local property tax regulations and potential exemptions to manage financial obligations effectively.
Average Traverse City Tax Bill
$2,518
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 Traverse City, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49684 | $1,369 | $1,985 | $3,189 | $5,221 | $7,969 |
| 49685 | $778 | $1,363 | $2,059 | $3,208 | $5,077 |
| 49686 | $881 | $1,625 | $2,817 | $4,741 | $7,582 |
| 49696 | $974 | $1,406 | $2,082 | $3,090 | $4,379 |
Source: Ownwell