Riverview, Michigan Property Taxes
The median property tax rate in Riverview, MI is 1.34%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Riverview at $188,000, the typical annual property tax bill reaches $2,701, slightly exceeding the national median of $2,690. Property taxes in Riverview 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 Riverview'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 Riverview 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
Riverview, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.34%
Estimate Property Tax Bill
$2,519
Ownwell’s Riverview Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Riverview with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Riverview 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 Riverview, Michigan
Property taxes in Riverview, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Riverview is 1.34%, significantly higher than the U.S. national median of 0.99%. Local government entities within Riverview set these rates annually, and they can vary significantly across different neighborhoods. Each year, Riverview 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 Riverview's effective property tax rate to other areas in Wayne County and the national median. For comparison, the zip code 48193 in Wayne County has the highest median property tax rate of 1.34%, while the lowest median tax rate is also 1.34%. Understanding how these cities compare with Riverview 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 Riverview Tax Rate
1.34%
Average Wayne County Tax Rate
1.44%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Riverview, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48193 | 1.08% | 1.15% | 1.34% | 1.64% | 1.82% |
Source: Ownwell
Property Tax Assessment Values Across Riverview, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Riverview. 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 Riverview, 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 Riverview helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 48193, with a median tax bill of $2,701.
Average Riverview Assessed Value
$188,000
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 Riverview, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48193 | $126,400 | $143,000 | $188,000 | $256,200 | $305,720 |
Source: Ownwell
Property Tax Bills Across Riverview, Michigan
In Riverview, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is typically a percentage of the home's market value. Homeowners in Riverview can expect varying tax bills depending on the value of their property. For instance, the 25th percentile tax bill is around $1,893, while the 75th percentile tax bill is approximately $3,484. At the higher end, the 90th percentile tax bill reaches up to $4,442. The median home price in Riverview is $188,000, and the property tax rate for Wayne County is a significant factor in these calculations. Compared to the national median property tax rate of 0.99%, Riverview's property taxes reflect the local economic conditions and public service funding needs. For homeowners, understanding these factors is crucial, as property taxes directly affect the overall cost of homeownership and can influence decisions about buying or selling property in the area.
Average Riverview Tax Bill
$2,701
Average Wayne County Tax Bill
$1,625
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Riverview, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48193 | $1,518 | $1,893 | $2,701 | $3,484 | $4,442 |
Source: Ownwell