The example below illustrates the residential taxpayer impact if the income tax proposal passes. which would result in the 5 mill property tax reduction. It uses East Lansing's average gross household income ($67,926) and the average taxable value for improved residential parcels (i.e. parcels with a dwelling) in 2017 ($83,500). View the Taxpayer Impact Calculator for Residents for the taxpayer impact at other levels of income and taxable value (for estimation purposes only).
Income Tax on East Lansing's Average Gross Household Income
$67,926 x .01 = $679.26*
*This does not factor in exemptions. The tax would be $673.26 for one exemption, $667.26 for two exemptions, $661.26 for three exemptions, $655.26 for four exemptions, etc.
5 Mill Property Tax Reduction on East Lansing's Average Taxable Value for Improved Residential Parcels in 2017
$83,500 x .005 = $417.50
Taxpayer Impact with One Exemption at $600
$673.26 - $417.50 = $255.76 per year or $21.31 per month