Traverse City, Grand Traverse County, Michigan Property Taxes
Median Traverse City, MI effective property tax rate: 0.77%, significantly lower than the national median of 1.02%, but lower than the Michigan state median of 1.07%.
Median Traverse City, MI home value: $304,155
Median annual Traverse City, MI tax bill: $2,518, $118 higher than the national median property tax bill of $2,400.
How are property taxes in Grand Traverse calculated?
Property taxes in Traverse City, MI are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Traverse City’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Traverse City, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Traverse City, Grand Traverse County, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.77%
Estimate Property Tax Bill
$2,342
$2,173
Property Tax Rates Across Traverse City, Grand Traverse County, Michigan
Property Tax Rates Across Traverse City, Grand Traverse County, Michigan
Source: Ownwell

0.33%
0.62%
0.91%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Traverse City Tax Rate
0.77%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Grand Traverse County Tax Rate
0.70%
Median Effective Michigan Tax Rate
1.07%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Traverse City, Grand Traverse County, 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, Grand Traverse County, Michigan
When examining property taxes in Traverse City, MI, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Grand Traverse County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Grand Traverse County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Traverse City.
For example, the median home price in Traverse City is $304,155, with tax bills ranging significantly across the county. Zip code 49684 has the highest median home price at $328,828.
Property Tax Assessment Values Across Traverse City, Grand Traverse County, Michigan
Source: Ownwell

$180,504
$254,666
$328,828
Median Traverse City Market Value
$304,155
Median Grand Traverse County Market Value
$287,584
Median Michigan Market Value
$177,800
Median United States Market Value
$235,294
Property Tax Assessment Values Across Traverse City, Grand Traverse County, 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, Grand Traverse County, Michigan
Property Tax Bills Across Traverse City, Grand Traverse County, Michigan
Source: Ownwell

$716
$1,953
$3,189
Median Traverse City Tax Bill
$2,518
Median Grand Traverse County Tax Bill
$2,154
Median Michigan Tax Bill
$1,795
Median United States Tax Bill
$2,400
Property Tax Bills Across Traverse City, Grand Traverse County, 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