Grand Traverse County, Michigan Property Taxes
The median property tax rate in Grand Traverse County is 0.70%, 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 $287,584, the typical annual property tax bill in Grand Traverse County is $2,154, falling below the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which is often less than the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Grand Traverse County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Traverse City or another part of Grand Traverse County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Grand Traverse County, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$2,013
$1,868
Ownwell’s Grand Traverse Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Grand Traverse with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Grand Traverse to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Grand Traverse County, Michigan
Property taxes in Grand Traverse County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Grand Traverse County is 0.70%, which is lower than the U.S. national median of 0.99%. Local government entities within Grand Traverse County set these rates annually, and they can vary significantly between different areas within the county. Each year, Grand Traverse County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Grand Traverse County's effective property tax rate with other areas in Michigan and the national median. For comparison, the city of Traverse City has one of the higher property tax rates in Michigan at 0.77%, while the city of Lake Ann boasts one of the lowest at 0.42%. Analyzing how Grand Traverse County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
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 Grand Traverse County, Michigan
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Buckley | 0.25% | 0.32% | 0.37% | 0.45% | 0.54% |
| Fife Lake | 0.23% | 0.30% | 0.38% | 0.51% | 0.70% |
| Grawn | 0.32% | 0.44% | 0.57% | 0.79% | 1.15% |
| Interlochen | 0.49% | 0.56% | 0.66% | 0.92% | 1.36% |
| Kingsley | 0.28% | 0.33% | 0.37% | 0.43% | 0.50% |
| Lake Ann | N/A | N/A | N/A | N/A | N/A |
| Thompsonville | 0.23% | 0.29% | 0.33% | 0.42% | 0.53% |
| Traverse City | 0.51% | 0.60% | 0.77% | 1.17% | 1.64% |
| Williamsburg | 0.47% | 0.54% | 0.68% | 0.92% | 1.39% |
Source: Ownwell
Property Tax Assessment Values Across Grand Traverse County, Michigan
In Grand Traverse County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Grand Traverse Appraisal District. The assessed value, however, 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. Assessment notices in Grand Traverse County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. Being aware of these valuation processes in Grand Traverse County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively. The highest median tax bill in the county is in Traverse City at $2,518, while the lowest is in Fife Lake at $716.
Property Tax Assessment Values Across Grand Traverse County, Michigan
Source: Ownwell
$180,504
$254,666
$328,828
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 Grand Traverse County, Michigan
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Buckley | $64,964 | $122,417 | $206,649 | $293,001 | $402,450 |
| Fife Lake | $63,480 | $102,619 | $180,504 | $310,176 | $456,472 |
| Grawn | $95,290 | $163,973 | $227,432 | $325,888 | $532,002 |
| Interlochen | $106,171 | $176,244 | $235,658 | $329,620 | $499,500 |
| Kingsley | $100,446 | $151,066 | $218,162 | $293,014 | $395,342 |
| Lake Ann | N/A | N/A | N/A | N/A | N/A |
| Thompsonville | $46,470 | $117,993 | $235,344 | $357,328 | $572,543 |
| Traverse City | $145,782 | $221,841 | $304,155 | $442,033 | $682,567 |
| Williamsburg | $160,169 | $223,185 | $322,912 | $534,756 | $930,592 |
Source: Ownwell
Property Tax Bills Across Grand Traverse County, Michigan
In Grand Traverse County, MI, property tax bills are calculated based on the assessed value of the property, which is typically 50% of its market value. For instance, with a median home price of $287,584, the assessed value would be approximately $143,792. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property location, school district, and local government budgets influence the tax rate, resulting in varying tax bills across the county. Homeowners in Grand Traverse County experience a range of tax bills. For example, the 25th percentile tax bill is around $1,265, while the 75th percentile reaches $3,692, and the 90th percentile can be as high as $6,256. Traverse City has the highest median tax bill at $2,518, contrasting sharply with Fife Lake's lowest median tax bill of $716. This variability underscores the importance of understanding local tax assessments and how they impact individual financial obligations.
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 Grand Traverse County, Michigan
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Buckley | $219 | $438 | $731 | $1,105 | $1,566 |
| Fife Lake | $223 | $415 | $716 | $1,116 | $1,785 |
| Grawn | $557 | $835 | $1,266 | $2,085 | $3,671 |
| Interlochen | $772 | $1,109 | $1,612 | $2,552 | $4,747 |
| Kingsley | $331 | $539 | $810 | $1,150 | $1,584 |
| Lake Ann | N/A | N/A | N/A | N/A | N/A |
| Thompsonville | $207 | $413 | $754 | $1,065 | $1,394 |
| Traverse City | $961 | $1,545 | $2,518 | $4,096 | $6,720 |
| Williamsburg | $1,099 | $1,543 | $2,434 | $4,021 | $7,554 |
Source: Ownwell