Reese, Michigan Property Taxes
The median property tax rate in Reese, MI is 0.40%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Reese, the typical annual property tax bill is $747, well below the national median of $2,690. Property taxes in Reese 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 Reese'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 Reese 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
Reese, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$810
Ownwell’s Reese Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Reese with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Reese 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 Reese, Michigan
Property taxes in Reese, Michigan, play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Reese is 0.40%, which is significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Reese set these rates annually, and they can vary significantly across different neighborhoods. Each year, Reese 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 Reese's effective property tax rate to other counties in Michigan and the national median. For comparison, the zip code 48757 has the highest median property tax rate of 0.40%, while the same zip code also has the lowest median tax rate of 0.40%. Understanding how these cities compare with Reese provides valuable insights into the varying tax landscape across Saginaw County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Reese Tax Rate
0.40%
Average Saginaw County Tax Rate
0.78%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Reese, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48757 | 0.20% | 0.24% | 0.40% | 0.43% | 0.49% |
Source: Ownwell
Property Tax Assessment Values Across Reese, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Reese, Michigan. 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 Saginaw 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. Assessment notices in Reese 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. Being aware of these valuation processes in Reese helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest and lowest median tax bills in Reese both stand at $747 in the 48757 zip code, showcasing a unique uniformity in this region.
Average Reese Assessed Value
$202,500
Average Saginaw County Assessed Value
$119,800
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Reese, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48757 | $112,900 | $146,050 | $202,500 | $277,700 | $448,680 |
Source: Ownwell
Property Tax Bills Across Reese, Michigan
In Reese, located in Saginaw County, MI, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is typically a percentage of the market value, determined by local assessors. Homeowners in Reese experience a range of property tax bills, with the 25th percentile at $521 and the 75th percentile at $1,013. The 90th percentile tax bill can reach up to $1,459, indicating a significant variation based on property values and applicable exemptions. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or reductions. These components collectively determine the amount homeowners owe. For instance, Reese's highest and lowest median tax bills are both $747, reflecting the uniformity within certain areas. Comparatively, the national median property tax rate is 0.99%, suggesting Reese's tax rates are relatively moderate. Understanding these factors helps homeowners anticipate their tax obligations and manage their finances accordingly.
Average Reese Tax Bill
$747
Average Saginaw County Tax Bill
$894
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Reese, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48757 | $337 | $521 | $747 | $1,013 | $1,459 |
Source: Ownwell