Redford, Michigan Property Taxes
The median property tax rate in Redford, MI is 0.72%, which is notably lower than both the national median of 0.99% and Michigan's state median of 1.07%. With a median home value of $128,600 in Redford, the typical annual property tax bill amounts to $982, well below the national median of $2,690. Property taxes in Redford are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Redford'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 Redford 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
Redford, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.72%
Estimate Property Tax Bill
$926
Ownwell’s Redford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Redford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Redford 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 Redford, Michigan
Property taxes in Redford, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Redford is 0.72%, lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Redford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Redford 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 Redford's effective property tax rate to other areas in Wayne County and the national median. For comparison, the 48240 zip code has the highest median property tax rate of 0.84%, while the 48239 zip code has the lowest median tax rate of 0.71%. Understanding how these areas compare with Redford provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Redford Tax Rate
0.72%
Average Wayne County Tax Rate
1.44%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Redford, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48239 | 0.50% | 0.53% | 0.71% | 1.10% | 1.77% |
| 48240 | 0.55% | 0.60% | 0.84% | 1.13% | 1.48% |
Source: Ownwell
Property Tax Assessment Values Across Redford, Michigan
In Redford, 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 Wayne 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 Redford, 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 Redford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 48239 at $994, while the lowest is 48240 at $957.
Average Redford Assessed Value
$128,600
Average Wayne County Assessed Value
$126,800
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Redford, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48239 | $67,400 | $107,600 | $136,800 | $161,400 | $195,000 |
| 48240 | $82,000 | $101,600 | $117,200 | $133,600 | $159,000 |
Source: Ownwell
Property Tax Bills Across Redford, Michigan
In Redford, Wayne County, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value typically represents 50% of the property's market value. For instance, with a median home price of $128,600, the assessed value would be approximately $64,300. The tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including the property's location, any applicable exemptions, and the local tax rate. In Redford, the tax bills can vary significantly. For example, the 25th percentile of tax bills is around $746, while the 75th percentile reaches $1,315, and the 90th percentile can be as high as $1,738. This variability means that homeowners need to be aware of their property's assessed value and any potential exemptions they might qualify for to manage their tax obligations effectively. Compared to the national median property tax rate of 0.99%, Redford’s rates offer a diverse range of tax burdens for homeowners.
Average Redford Tax Bill
$982
Average Wayne County Tax Bill
$1,625
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Redford, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48239 | $631 | $756 | $994 | $1,326 | $1,769 |
| 48240 | $597 | $722 | $957 | $1,294 | $1,676 |
Source: Ownwell