Basic Tax Calculations
This is a basic estimate of the millage being requested by Gwinn Area Community Schools.
| Taxable Value | Yearly Cost | Monthly Cost |
|---|---|---|
| $40,000 | $60.00 | $5.00 |
| $50,000.00 | $75.00 | $6.25 |
| $60,000.00 | $90.00 | $7.50 |
| $70,000.00 | $105.00 | $8.75 |
| $80,000.00 | $120.00 | $10.00 |
| $90,000.00 | $135.00 | $11.25 |
| $100,000.00 | $150.00 | $12.50 |
| $110,000.00 | $165.00 | $13.75 |
| $120,000.00 | $180.00 | $15.00 |
| $130,000.00 | $195.00 | $16.25 |
| $140,000.00 | $210.00 | $17.50 |
| $150,000.00 | $225.00 | $18.75 |
| $200,000.00 | $300.00 | $25.00 |
| $250,000.00 | $375.00 | $31.25 |
| $300,000.00 | $450.00 | $37.50 |
| $400,000.00 | $600.00 | $50.00 |
| $500,000.00 | $750.00 | $62.50 |
District Tax Calculator
6 months ago
The website below will estimate the impact on a taxpayer’s annual tax bill if the sinking fund election is successful. Click on the text below and it will open in a new window.
Revised Michigan Homestead Property Tax Credit Summary:
Michigan Homestead Property Tax Credit – Households that pay homestead property taxes greater than 3.2% of their annual income may also be eligible for the Michigan’s Homestead Property Tax Credit. Eligible households may deduct up to 60% (up to 100% for senior citizens, please see the senior credit table below) of the millage increase cost up to a $1,500 Homestead Tax Credit limit. The eligibility for the credit begins to decrease after household income exceeds $51,001 and ends completely after the household income exceeds $60,001. Please see below the general reduction table and senior credit table below:
General Credit Reduction |
| Senior Credit | ||
Resources | % of credit |
| Resources | % Credit |
$51,000 | 100.00% |
| $21,000 | 100% |
$51,001 | 90.00% |
| $21,001 | 96% |
$52,001 | 80.00% |
| $22,001 | 92% |
$53,001 | 70.00% |
| $23,001 | 88% |
$54,001 | 60.00% |
| $24,001 | 84% |
$55,001 | 50.00% |
| $25,001 | 80% |
$56,001 | 40.00% |
| $26,001 | 76% |
$57,001 | 30.00% |
| $27,001 | 72% |
$58,001 | 20.00% |
| $28,001 | 68% |
$59,001 | 10.00% |
| $29,001 | 64% |
$60,001 | 0.00% |
| $30,001 | 60% |
