Grosse Pointe Park, Michigan Property Taxes
The median property tax rate in Grosse Pointe Park, MI is 0.94%, slightly below the state median of 1.07% but still close to the national median of 0.99%. With a median home value of $419,000, the typical annual property tax bill amounts to $4,166, significantly higher than the national median of $2,690. Property taxes in Grosse Pointe Park are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Grosse Pointe Park'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 Grosse Pointe Park or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Grosse Pointe Park, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$3,939
Ownwell’s Grosse Pointe Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grosse Pointe Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grosse Pointe Park 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 Wayne County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Grosse Pointe Park, Michigan
Property taxes in Grosse Pointe Park, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grosse Pointe Park is 0.94%, slightly below the U.S. national median of 0.99%. Local government entities within Grosse Pointe Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grosse Pointe Park 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 Grosse Pointe Park's effective property tax rate to other areas in Wayne County and the national median. For comparison, the 48230 zip code has the highest median property tax rate of 0.94%, while the same zip code also has the lowest median tax rate of 0.94%. Understanding how these areas compare with Grosse Pointe Park provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grosse Pointe Park Tax Rate
0.94%
Average Wayne County Tax Rate
1.44%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grosse Pointe Park, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48230 | 0.67% | 0.82% | 0.94% | 1.12% | 1.24% |
Source: Ownwell
Property Tax Assessment Values Across Grosse Pointe Park, Michigan
In Grosse Pointe Park, 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 local 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 Grosse Pointe Park, 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 Grosse Pointe Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Grosse Pointe Park is $419,000. The zip code 48230 has both the highest and lowest median tax bills at $4,166. The 25th percentile tax bill is $2,720, while the 75th percentile reaches $5,565, and the 90th percentile is $7,313.
Property Tax Assessment Values Across Grosse Pointe Park, Michigan
Source: Ownwell
$7,000
$311,100
$615,200
Average Grosse Pointe Park Assessed Value
$419,000
Average Wayne County Assessed Value
$126,800
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grosse Pointe Park, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48230 | $243,520 | $307,750 | $419,000 | $552,400 | $704,380 |
Source: Ownwell
Property Tax Bills Across Grosse Pointe Park, Michigan
In Grosse Pointe Park, property tax bills are calculated based on the assessed value of a home, which is determined by Wayne County. The assessed value is typically set at 50% of the property's market value. For instance, with a median home price of $419,000, the assessed value would be around $209,500. The property tax rate is then applied to this assessed value to determine the tax bill. Several factors influence the tax bill, including local tax rates, property improvements, and any applicable exemptions. Homeowners in Grosse Pointe Park can expect their tax bills to vary significantly. For example, the 25th percentile tax bill is approximately $2,720, while the 75th percentile reaches around $5,565. At the higher end, the 90th percentile tax bill can be as much as $7,313. Compared to the national median property tax rate of 0.99%, the rates in Grosse Pointe Park can result in higher tax bills, impacting homeowners' annual expenses and overall affordability.
Average Grosse Pointe Park Tax Bill
$4,166
Average Wayne County Tax Bill
$1,625
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Grosse Pointe Park, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48230 | $1,861 | $2,720 | $4,166 | $5,565 | $7,313 |
Source: Ownwell