Goodrich, Michigan Property Taxes
The median property tax rate in Goodrich, MI is 0.48%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $291,000 in Goodrich, the typical annual property tax bill amounts to $1,468, which is well below the national median of $2,690. Property taxes in Goodrich are calculated based on the tax assessed value, which often falls below the market value thanks to various exemptions like the primary residence and agricultural exemptions. Understanding Goodrich's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Goodrich 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
Goodrich, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$1,397
Ownwell’s Goodrich Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Goodrich with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Goodrich 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 Goodrich, Michigan
Property taxes in Goodrich, Michigan, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Goodrich is 0.48%, which is lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Goodrich set these rates annually, and they can vary significantly across different neighborhoods. Each year, Goodrich 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 Goodrich's effective property tax rate to other areas in Michigan and the national median. For comparison, the zip code 48438 has both the highest and lowest median property tax rate of 0.48%. Understanding how these areas compare with Goodrich provides valuable insights into the varying tax landscape across Genesee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Goodrich Tax Rate
0.48%
Average Genesee County Tax Rate
0.93%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Goodrich, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48438 | 0.32% | 0.35% | 0.48% | 0.65% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Goodrich, Michigan
In Goodrich, 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 Genesee 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 Goodrich, 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. The highest median tax bill in Goodrich is $1,468, and the lowest median tax bill is also $1,468, both in the 48438 zip code. 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 Goodrich helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Goodrich Assessed Value
$291,000
Average Genesee County Assessed Value
$139,200
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Goodrich, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48438 | $187,620 | $225,200 | $291,000 | $381,300 | $492,200 |
Source: Ownwell
Property Tax Bills Across Goodrich, Michigan
Property tax bills in Goodrich, located in Genesee County, MI, are calculated based on the assessed value of a property, which is typically 50% of its market value. For instance, with a median home price of $291,000, the assessed value would be approximately $145,500. The local tax rate is then applied to this assessed value to determine the tax bill. Several factors influence the tax bill, including property location, any applicable exemptions, and local government budgets. Homeowners in Goodrich may see tax bills ranging significantly, with the 25th percentile around $1,023 and the 75th percentile reaching $2,112. At the 90th percentile, tax bills can go up to $2,871. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Compared to the national median property tax rate of 0.99%, Goodrich's tax rates reflect the local economic conditions and public service needs.
Average Goodrich Tax Bill
$1,468
Average Genesee County Tax Bill
$1,090
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Goodrich, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48438 | $776 | $1,023 | $1,468 | $2,112 | $2,871 |
Source: Ownwell