Russell Island, Michigan Property Taxes
The median property tax rate in Russell Island, 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 Russell Island at $159,000, the typical annual property tax bill reaches $1,842, exceeding the national median of $2,690. Property taxes in Russell Island 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 Russell Island'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 Russell Island 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
Russell Island, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.26%
Estimate Property Tax Bill
$2,003
Ownwell’s Russell Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Russell Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Russell Island 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 Russell Island, Michigan
Property taxes in Russell Island, Michigan, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Russell Island is 1.26%, significantly higher than the U.S. national median of 0.99%. Local government entities within Russell Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Russell Island 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 Russell Island's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48001 zip code has the highest median property tax rate of 1.26%, while also having the lowest median tax rate of 1.26%. Understanding how these cities compare with Russell Island provides valuable insights into the varying tax landscape across St. Clair County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Russell Island Tax Rate
1.26%
Average St. Clair County Tax Rate
0.78%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Russell Island, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48001 | 0.80% | 0.94% | 1.26% | 1.65% | 1.88% |
Source: Ownwell
Property Tax Assessment Values Across Russell Island, Michigan
In Russell Island, 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 St. Clair 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 Russell Island, 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. Being aware of these valuation processes in Russell Island helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 48001 has both the highest and lowest median tax bills, valued at $1,842.
Property Tax Assessment Values Across Russell Island, Michigan
Source: Ownwell
$35,200
$161,900
$288,600
Average Russell Island Assessed Value
$159,000
Average St. Clair County Assessed Value
$181,600
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Russell Island, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48001 | $71,100 | $90,150 | $159,000 | $212,750 | $301,080 |
Source: Ownwell
Property Tax Bills Across Russell Island, Michigan
In Russell Island, St. Clair County, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The median home price in the area is $159,000. Property taxes are then calculated by applying the local tax rate to this assessed value. The national median property tax rate is 0.99%, but local rates may vary. Several factors influence the total tax bill, including the property's assessed value, any applicable exemptions, and the specific tax rate set by the local government. Homeowners in Russell Island can expect tax bills that range significantly; the 25th percentile tax bill is approximately $978, while the 75th percentile reaches up to $3,129. The highest tax bills, at the 90th percentile, can be as much as $4,252. These tax bills directly impact homeowners by affecting their annual financial obligations. Understanding how these taxes are calculated can help homeowners better plan their budgets and potentially seek appeals or exemptions to reduce their tax burden.
Average Russell Island Tax Bill
$1,842
Average St. Clair County Tax Bill
$1,504
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Russell Island, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48001 | $632 | $978 | $1,842 | $3,129 | $4,252 |
Source: Ownwell