Interlochen, Michigan Property Taxes
The median property tax rate in Interlochen, MI is 0.66%, significantly lower than both the national median of 0.99% and Michigan's state median of 1.07%. With the median home value in Interlochen at $235,658, the typical annual property tax bill amounts to $1,612, well below the national median of $2,690. Property taxes in Interlochen 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 Interlochen'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 Interlochen 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
Interlochen, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$1,555
Ownwell’s INTERLOCHEN Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in INTERLOCHEN with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in INTERLOCHEN 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 Interlochen, Michigan
Property taxes in Interlochen, Michigan, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Interlochen is 0.66%, which is lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Interlochen set these rates annually, and they can vary significantly across different neighborhoods. Each year, Interlochen 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 Interlochen's effective property tax rate to other counties in Michigan and the national median. For comparison, the 49643 zip code has the highest median property tax rate of 0.66%, while the same zip code also has the lowest median tax rate of 0.66%. Understanding how these cities compare with Interlochen 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 Interlochen Tax Rate
0.66%
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 Interlochen, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49643 | 0.49% | 0.56% | 0.66% | 0.92% | 1.36% |
Source: Ownwell
Property Tax Assessment Values Across Interlochen, Michigan
In Interlochen, 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 Interlochen, 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 Interlochen helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 49643 at $1,612, which is relatively modest compared to national figures.
Average Interlochen Assessed Value
$235,658
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 Interlochen, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49643 | $106,171 | $176,244 | $235,658 | $329,620 | $499,500 |
Source: Ownwell
Property Tax Bills Across Interlochen, Michigan
Property tax bills in Interlochen, situated in Grand Traverse County, MI, are calculated based on the assessed value of a property, which is typically a percentage of its market value. The median home price in the area is $235,658. Local tax authorities determine the assessed value, and this figure is then multiplied by the local tax rate to yield the annual tax bill. Several factors influence the final tax bill, including property improvements, neighborhood developments, and inflation rates. For homeowners in Interlochen, the tax bill can range significantly. The 25th percentile tax bill is around $1,109, while the 75th percentile reaches $2,552. For those in the 90th percentile, it can be as high as $4,747. The median tax bill in the highest and lowest zip codes, both $1,612, indicates a relatively uniform tax rate within the region. Compared to the national median property tax rate of 0.99%, homeowners in Interlochen experience a varied but generally competitive property tax environment, impacting their annual financial planning and long-term investment in property.
Average Interlochen Tax Bill
$1,612
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 Interlochen, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49643 | $772 | $1,109 | $1,612 | $2,552 | $4,747 |
Source: Ownwell