49686 Property Tax Rate

Property owners in ZIP code 49686 (Traverse City, Michigan) pay a median of $3,517/year in property taxes on homes valued at $295,500. This translates to an effective tax rate of 1.19%, which is near the Michigan state average of 1.22%.

The monthly property tax burden for a median-valued home in 49686 is approximately $293, which factors into escrow payments on mortgages. This ZIP code is located within Grand Traverse County. This is $1,091 more than the Michigan average of $2,426/year.

Compared to similar ZIP codes in Michigan, 49686 has lower property taxes. ZIP codes with similar effective rates include 48386 (1.19%) and 49304 (1.19%).

In Traverse City, property taxes represent approximately 4.9% of the median household income of $71,198, 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.