49685 Property Tax Rate

Property owners in ZIP code 49685 (Traverse City, Michigan) pay a median of $2,964/year in property taxes on homes valued at $309,200. This translates to an effective tax rate of 0.96%, which is 22% below the Michigan state average of 1.22%.

The monthly property tax burden for a median-valued home in 49685 is approximately $247, which factors into escrow payments on mortgages. This ZIP code is located within Grand Traverse County. This is $538 more than the Michigan average of $2,426/year.

Compared to similar ZIP codes in Michigan, 49685 has higher property taxes. ZIP codes with similar effective rates include 49436 (0.96%) and 49428 (0.96%).

In Traverse City, property taxes represent approximately 3.6% of the median household income of $82,639, providing context for the relative tax burden on homeowners in this area.

Proposal A reassesses your home to current market value upon purchase, eliminating the previous owner's inflation-capped increase structure. The Principle Residence Exemption (PRE) exempts primary residences from school operating taxes — apply to the Grand Traverse County Assessor by March 1 of the year following purchase. Request a PRE application from the Grand Traverse County Assessor immediately after closing and submit it before March 1 to activate school tax savings.