Traverse City, Leelanau County, Michigan Property Taxes
Median Traverse City, MI effective property tax rate: 0.58%, significantly lower than the national median of 1.02% and lower than the Michigan state median of 1.07%.
Median Traverse City, MI home value: $333,300
Median annual Traverse City, MI tax bill: $1,953, $447 lower than the national median property tax bill of $2,400.
How are property taxes in Leelanau calculated?
Property taxes in Traverse City, MI are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Traverse City’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Traverse City, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Traverse City, Leelanau County, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.58%
Estimate Property Tax Bill
$1,933
$1,794
Property Tax Rates Across Traverse City, Leelanau County, Michigan
Local government entities determine tax rates, which can significantly differ within a state. Each county estimates its required budget to provide essential services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While votes and laws play a role in setting tax rates and budgets, this is essentially the annual process.
Traverse City in Leelanau County, MI, presents an interesting case. The effective property tax rate here is 0.58%, which is notably lower than the national median property tax rate of 1.02%. This lower rate can result in substantial savings for property owners compared to many other parts of the country. The consistency of this rate within the 49684 zip code highlights a stable tax environment for residents.
For homeowners and prospective buyers, understanding these rates is crucial, as they directly impact the overall cost of owning property. Given Traverse City's appealing tax rate, it emerges as an attractive option for those looking to invest in real estate while managing expenses efficiently.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Traverse City Tax Rate
0.58%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Leelanau County Tax Rate
0.48%
Median Effective Michigan Tax Rate
1.07%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Traverse City, Leelanau County, Michigan
Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
---|---|---|---|---|---|
49684 | 0.36% | 0.47% | 0.58% | 0.83% | 1.39% |
49686 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Traverse City, Leelanau County, Michigan
When examining property taxes in Traverse City, MI, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Leelanau County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Leelanau County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Traverse City.
For example, the median home price in Traverse City is $333,300, with tax bills ranging significantly across the county. Zip code 49684 has the highest median home price at $333,400.
Property Tax Assessment Values Across Traverse City, Leelanau County, Michigan
Source: Ownwell

$300,800
$547,450
$794,100
Median Traverse City Market Value
$333,300
Median Leelanau County Market Value
$389,200
Median Michigan Market Value
$177,800
Median United States Market Value
$235,294
Property Tax Assessment Values Across Traverse City, Leelanau County, Michigan
Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
---|---|---|---|---|---|
49684 | $129,960 | $213,400 | $333,400 | $546,000 | $811,040 |
49686 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Traverse City, Leelanau County, Michigan
In Traverse City, located in Leelanau County, MI, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value typically represents a percentage of the property's market value, which is influenced by factors such as location, size, and condition of the home. In this region, the property tax bill can vary significantly, with the 25th percentile at $1,226 and the 75th percentile reaching $3,627. Compared to the national median property tax bill of $2,400, homeowners in Traverse City may experience varying tax burdens depending on their property's assessed value.
For homeowners seeking to reduce their property tax bills, Ownwell offers expert property tax appeal and exemption services. By leveraging local market knowledge and assessment data, Ownwell can help homeowners identify potential discrepancies in their property assessments and guide them through the appeal process. This personalized approach ensures that homeowners pay only their fair share, potentially leading to significant savings on their annual property tax bills.
Median Traverse City Tax Bill
$1,953
Median Leelanau County Tax Bill
$1,958
Median Michigan Tax Bill
$1,795
Median United States Tax Bill
$2,400
Property Tax Bills Across Traverse City, Leelanau County, Michigan
Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
---|---|---|---|---|---|
49684 | $872 | $1,226 | $1,954 | $3,631 | $6,294 |
49686 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell