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 Michigan's state median of 1.07%. With a median home value of $160,000 in Thompsonville, the typical annual property tax bill amounts to $588, which is well below the national median of $2,690. Property taxes in Thompsonville are calculated based on the assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Navigating 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 Benzie 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
$1,500,000
$3,000,000
Average Tax Rate
0.33%
Estimate Property Tax Bill
$528
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, are essential for funding crucial 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 rates compare with other areas in Benzie County provides valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Thompsonville Tax Rate
0.33%
Average Benzie County Tax Rate
0.34%
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 | 0.19% | 0.27% | 0.33% | 0.41% | 0.46% |
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 Benzie 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. Notably, Thompsonville's median tax bill is $588, with both the highest and lowest median tax bills occurring in the 49683 zip code.
Property Tax Assessment Values Across Thompsonville, Michigan
Source: Ownwell
$129,000
$330,250
$531,500
Average Thompsonville Assessed Value
$160,000
Average Benzie County Assessed Value
$250,400
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 | $71,600 | $114,100 | $160,000 | $293,500 | $453,320 |
Source: Ownwell
Property Tax Bills Across Thompsonville, Michigan
In Thompsonville, Benzie 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 annual tax bill. Several factors influence the assessed value, including the home's location, size, and condition, as well as recent sales of comparable properties in the area. For homeowners in Thompsonville, the median home price is around $160,000. Property tax bills can vary significantly, with the 25th percentile paying approximately $339 annually, while those in the 75th percentile see bills around $943. At the higher end, the 90th percentile of homeowners might pay up to $1,650. These tax bills directly impact homeowners' annual budgets and can influence decisions about buying or selling property. Compared to the national median property tax rate of 0.99%, Thompsonville's rates reflect the local economic conditions and funding requirements for public services.
Average Thompsonville Tax Bill
$588
Average Benzie County Tax Bill
$868
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 | $163 | $339 | $588 | $943 | $1,650 |
Source: Ownwell