Williamsburg, Michigan Property Taxes
The median property tax rate in Williamsburg, MI is 0.68%, 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 $322,912 in Williamsburg, the typical annual property tax bill is $2,434, falling below the national median of $2,690. Property taxes in Williamsburg are determined based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Gaining a thorough understanding of Williamsburg's property tax system, exploring the available exemptions, and identifying potential opportunities for tax reductions can result in substantial annual savings. Whether residing in Williamsburg or another part of Grand Traverse County, familiarizing oneself with the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Williamsburg, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$2,196
$2,038
Ownwell’s Williamsburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Williamsburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Williamsburg 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 Williamsburg, Michigan
Property taxes in Williamsburg, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Williamsburg is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Williamsburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Williamsburg 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 Williamsburg's effective property tax rate to other areas in Michigan and the national median. For comparison, the zip code 49690 has both the highest and lowest median property tax rate of 0.68%. Understanding how these regions compare with Williamsburg 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 Williamsburg Tax Rate
0.68%
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 Williamsburg, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49690 | 0.47% | 0.54% | 0.68% | 0.92% | 1.39% |
Source: Ownwell
Property Tax Assessment Values Across Williamsburg, Michigan
In Williamsburg, 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 Williamsburg, 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 Williamsburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Williamsburg are both $2,434, found in zip code 49690.
Average Williamsburg Assessed Value
$322,912
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 Williamsburg, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49690 | $160,169 | $223,185 | $322,912 | $534,756 | $930,592 |
Source: Ownwell
Property Tax Bills Across Williamsburg, Michigan
In Williamsburg, 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 the market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $322,912, homeowners can expect tax bills to vary significantly. At the 25th percentile, tax bills are around $1,543, while at the 75th percentile, they rise to approximately $4,021. The 90th percentile sees tax bills as high as $7,554. Several factors influence these tax bills, including property location, improvements made to the home, and local government budget needs. Homeowners in Williamsburg benefit from understanding these elements, as they directly affect their financial obligations. Compared to the national median property tax rate of 0.99%, Williamsburg's tax rates reflect the community's specific economic and infrastructural demands, impacting how much homeowners ultimately pay.
Average Williamsburg Tax Bill
$2,434
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 Williamsburg, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49690 | $1,099 | $1,543 | $2,434 | $4,021 | $7,554 |
Source: Ownwell