Ray, Michigan Property Taxes
The median property tax rate in Ray, MI is 0.99%, which aligns with the national median but is lower than the Michigan state median of 1.07%. With the median home value in Ray at $325,100, the typical annual property tax bill reaches $3,297, exceeding the national median of $2,690. Property taxes in Ray 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 Ray'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 Ray 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
Ray, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$3,218
Ownwell’s RAY Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in RAY with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in RAY 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 Ray, Michigan
Property taxes in Ray, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ray is 0.99%, which aligns with the U.S. national median of 0.99%. Local government entities within Ray set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ray 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 Ray's effective property tax rate to other areas in Michigan and the national median. For comparison, the 48096 zip code has both the highest and lowest median property tax rate of 0.99%. Understanding how these cities compare with Ray 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 Ray Tax Rate
0.99%
Average Macomb County Tax Rate
1.19%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ray, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48096 | 0.80% | 0.87% | 0.99% | 1.15% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Ray, Michigan
In Ray, 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 Ray, 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 median home price in Ray is $325,100, with tax bills ranging from $2,300 at the 25th percentile to $6,370 at the 90th percentile. The zip code with the highest median tax bill is 48096, with a tax bill of $3,297. 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 Ray helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Ray Assessed Value
$325,100
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 Ray, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48096 | $169,820 | $233,400 | $325,100 | $469,900 | $609,460 |
Source: Ownwell
Property Tax Bills Across Ray, Michigan
In RAY, located in Macomb County, MI, property tax bills are calculated based on the assessed value of the property, which is determined by local assessors. This assessed value is typically a percentage of the market value of the home. For instance, with a median home price of $325,100, homeowners can expect their property tax bills to vary significantly. The tax bill for the 25th percentile is around $2,300, while it rises to $4,621 for the 75th percentile and can reach up to $6,370 for the 90th percentile. Several factors contribute to the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. These tax bills can have a substantial impact on homeowners, influencing their annual financial planning and potentially affecting their ability to invest in other areas. Compared to the national median property tax rate of 0.99%, the rates in RAY suggest a higher financial burden for homeowners, highlighting the importance of understanding local tax regulations and seeking potential relief options.
Average Ray Tax Bill
$3,297
Average Macomb County Tax Bill
$2,603
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Ray, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48096 | $1,729 | $2,300 | $3,297 | $4,621 | $6,370 |
Source: Ownwell