Example of Grand Traverse County Property Tax Calculation
Grand Traverse County Property Tax calculation is determined by the value of the property and the tax rate set by the local government. The county assesses the value of the property, and then the tax rate is applied to that value to determine the property tax amount.
For example, if a property in Grand Traverse County has a value of $200,000 and the tax rate is set at 1%, the property tax amount would be $2,000. This means that the property owner would be required to pay $2,000 in property taxes annually to the county government.
It is important to note that the property tax rate in Grand Traverse County can vary by location, type of property, and other factors. Property owners can contact the county assessor's office for more information on their specific property tax calculation.
If you want appeal your property tax assessment - contact your local tax assessor.
Grand Traverse County Property Tax Rates
The following table lists the Grand Traverse County Property Tax rates as of 2021, in US dollars per $100 of assessed value:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| General Operating | $4.0394 |
| Debt Service | $0.4090 |
| Countywide School Operating | $4.6924 |
| Intermediate School District | $1.0715 |
| Townships, Villages, and Cities | Varies by jurisdiction |
It is important to note that the exact tax rate for townships, villages, and cities in Grand Traverse County may vary depending on the specific jurisdiction. It is recommended that individuals consult with their local tax authority for more specific information.
Who sets property tax rates in Grand Traverse County ?
Who and When sets Property Tax Rates in Grand Traverse County?
Property tax rates in Grand Traverse County are set by the County Board of Commissioners every year. The board typically meets in October to review and approve the county budget, which includes the property tax rates for the upcoming year.
The board takes into consideration various factors such as property values, community needs, and budgetary constraints when setting the tax rates. Property owners in Grand Traverse County can expect to receive their tax bills in July or August of each year, with payments due by September 14th.
Here is a summary of the key points:
| Topic | Details |
|---|---|
| Who sets property tax rates | County Board of Commissioners |
| When are tax rates set | Annually in October |
| Factors considered | Property values, community needs, budget |
| When are tax bills received | July or August |
| When are tax payments due | September 14th |
By keeping these key points in mind, property owners in Grand Traverse County can better understand how their property taxes are set and when they can expect to receive and pay their tax bills.
Homestead exemptions in Grand Traverse County ?
To help homeowners in Grand Traverse County, Michigan, here is a breakdown of all the county-specific Homestead exemptions and deductions available:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Principal Residence Exemption | All homeowners | Varies | Reduces property taxes |
| Disabled Veterans Exemption | Veterans with service-connected disability | Up to $50,000 | Must have honorable discharge |
| Veterans Exemption | Veterans with wartime service | Up to $7,000 | Must have honorable discharge |
| Agricultural Exemption | Property used for agricultural purposes | Varies | Must meet criteria |
| Poverty Exemption | Low-income homeowners | Varies | Must apply annually |
It's important to note that eligibility and amount for each exemption may vary based on specific circumstances. Homeowners should consult with the Grand Traverse County Treasurer's Office for more information on how to apply for and receive these exemptions.
By taking advantage of these Homestead exemptions and deductions, homeowners in Grand Traverse County can potentially save thousands of dollars on their property taxes each year.
When is Grand Traverse County Property Tax due ?
Grand Traverse County Property Tax is typically due on February 14th of each year. However, due to holidays and weekends, the deadline may be extended to the next business day. The payment methods available for property tax include:
| Payment Method | Description |
|---|---|
| Online | Payments can be made online using e-check, credit card, or debit card. A convenience fee will apply. |
| By Mail | Payments can be mailed to the Treasurer's Office at 400 Boardman Avenue, Traverse City, MI 49684. |
| In Person | Payments can be made in person with cash, check, or money order at the Treasurer's Office during regular business hours. A drop box is also available for after-hours payments. |
It is important to note that if the property tax payment is not received by the deadline, a penalty and interest will be added to the amount due. This can quickly add up and result in a larger payment than expected. Therefore, it is recommended to make the payment before the deadline using one of the accepted payment methods.
If you have more questions - contact your local tax collector.
How is Grand Traverse County Property Tax penalty calculated ?
Grand Traverse County Property Tax Penalty Calculation
The Grand Traverse County charges a penalty for late payment of property taxes. The penalty is calculated based on the amount of the unpaid tax and the number of days past the due date.
The penalty calculation is as follows:
-
Initial Penalty: 1% of the unpaid tax amount is charged immediately after the due date.
-
Additional Penalty: An additional penalty of 1% per month (or part of a month) is charged for each month the taxes remain unpaid.
Here's an example of how the penalty is calculated:
Suppose John owns a property in Grand Traverse County and the property tax due for the year is $3,000. The due date for payment is September 14th. John fails to pay the taxes by the due date and pays them on November 30th.
The penalty will be calculated as follows:
| Penalty Type | Calculation | Amount |
|---|---|---|
| Initial Penalty | 1% of $3,000 | $30.00 |
| Additional Penalty | 2% of $3,000 ($30 x 2) | $60.00 |
| Total Penalty | $90.00 |
Therefore, John will need to pay a total of $3,090 ($3,000 + $90) to settle the property taxes.
It is important to note that if the taxes remain unpaid for an extended period of time, the property may be subject to foreclosure. Property owners are advised to pay their taxes on time to avoid any unnecessary penalties and legal consequences.
Overall, it is crucial for property owners in Grand Traverse County to stay informed about the property tax payment deadlines and the associated penalties to avoid any unwanted financial stress.
We recommend contacting the Grand Traverse County Tax Office or a local tax professional for the most up-to-date and accurate information.