Richmond, Michigan Property Taxes
The median property tax rate in Richmond, MI is 1.26%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Richmond at $241,000, the typical annual property tax bill reaches $2,785, exceeding the national median of $2,690. Property taxes in Richmond are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Richmond's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Richmond or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Richmond, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.26%
Estimate Property Tax Bill
$3,037
Ownwell’s Richmond Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Richmond with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Richmond to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Richmond, Michigan
Property taxes in Richmond, Michigan, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Richmond is 1.26%, higher than the U.S. national median of 0.99%. Local government entities within Richmond set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richmond estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Richmond's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48062 zip code has the highest median property tax rate of 1.26%, while the 48062 zip code also has the lowest median tax rate of 1.26%. Understanding how these cities compare with Richmond provides valuable insights into the varying tax landscape across Macomb County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Richmond Tax Rate
1.26%
Average Macomb County Tax Rate
1.19%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richmond, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48062 | 0.63% | 0.80% | 1.26% | 1.61% | 1.94% |
Source: Ownwell
Property Tax Assessment Values Across Richmond, Michigan
In Richmond, Michigan, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Macomb County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Richmond, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The median home price in Richmond is $241,000, with tax bills ranging from $2,113 at the 25th percentile to $4,967 at the 90th percentile. The highest and lowest median tax bill in the area is $2,785, found in zip code 48062. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Richmond Assessed Value
$241,000
Average Macomb County Assessed Value
$209,990
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Richmond, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48062 | $139,200 | $183,600 | $241,000 | $321,300 | $432,520 |
Source: Ownwell
Property Tax Bills Across Richmond, Michigan
In Richmond, MI, property tax bills are calculated based on the assessed value of a property, which is typically determined by the local assessor's office. The assessed value is a percentage of the property's market value, and this percentage can vary by locality. Once the assessed value is established, the local tax rate is applied to it to determine the annual tax bill. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. For example, in Richmond, homeowners can expect a median tax bill of around $2,785. This is notably higher than the national median property tax rate of 0.99%, reflecting the specific economic and policy conditions in the area. For homeowners, this means that property taxes can represent a significant portion of annual housing costs. Understanding these factors can help homeowners anticipate their financial responsibilities and plan accordingly. High property taxes can also impact the overall affordability and attractiveness of living in Richmond, potentially influencing property values and market dynamics.
Average Richmond Tax Bill
$2,785
Average Macomb County Tax Bill
$2,603
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Richmond, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48062 | $1,475 | $2,113 | $2,785 | $3,880 | $4,967 |
Source: Ownwell