Torch Lake Township

5081 N US-31 \| PO Box 713 \| Eastport, MI 49627 \| Phone (231) 599-2036 \| Fax (231) 599-2981
Home Assessing Clerk Elected Officials Elections EMS Department Fire Department Links Minutes / Agendas Land Use Plan/Maps Newsletters Ordinances Planning Commission Staff Supervisor Township Board Treasurer Zoning Board of Appeals Zoning / Planning Site Map	How to Calculate Your Property Tax Property tax calculation is a straightforward multiplication problem. The formula is: TAXABLE VALUE x MILLAGE RATE = TAX 1000 The taxable value of your property is determined via a formula. This formula is calculated by the assessor and is reported to you on your Notice of Assessment, Taxable Valuation, and Property Classification document mailed annually in February. The millage rate is the total number of mills being levied. Millage rates are calculated in the spring for the summer collection and in the fall for the winter collection. Millage rates vary from year to year. Here is an example for a homeowner’s principal residence in the Elk Rapids School District for the year 2004: If your 2004 taxable value is $60,000 and the 2004 millage rate is 11.5429 mills, your 2004 total property tax can be estimated as follows: $60,000 X (11.5429/1000) = $692.57 Keep in mind that the method shown here will result in an estimate of your total tax for the entire year. The same method can be used to estimate your summer and winter bill separately. Just insert the summer millage rate to estimate your summer tax and insert the winter millage rate to estimate your winter tax. This figure is then multiplied by 1.01 (1 percent) for the property tax administration fee, which can only be used for assessing and property tax collection purposes.

5081 N US-31 | PO Box 713 | Eastport, MI 49627 | Phone (231) 599-2036 | Fax (231) 599-2981

How to Calculate Your Property Tax

Property tax calculation is a straightforward multiplication problem. The formula is:

TAXABLE VALUE x MILLAGE RATE = TAX
1000

The taxable value of your property is determined via a formula. This formula is calculated by the assessor and is reported to you on your Notice of Assessment, Taxable Valuation, and Property Classification document mailed annually in February.

The millage rate is the total number of mills being levied. Millage rates are calculated in the spring for the summer collection and in the fall for the winter collection. Millage rates vary from year to year.

Here is an example for a homeowner’s principal residence in the Elk Rapids School District for the year 2004:

If your 2004 taxable value is $60,000 and the 2004 millage rate is 11.5429 mills, your 2004 total property tax can be estimated as follows:

$60,000 X (11.5429/1000) = $692.57

Keep in mind that the method shown here will result in an estimate of your total tax for the entire year. The same method can be used to estimate your summer and winter bill separately. Just insert the summer millage rate to estimate your summer tax and insert the winter millage rate to estimate your winter tax. This figure is then multiplied by 1.01 (1 percent) for the property tax administration fee, which can only be used for assessing and property tax collection purposes.