Romulus, Michigan Property Taxes
The median property tax rate in Romulus, MI is 1.27%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Romulus at $156,600, the typical annual property tax bill reaches $2,071, which is below the national median of $2,690. Property taxes in Romulus 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 Romulus'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 Romulus 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
Romulus, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.27%
Estimate Property Tax Bill
$1,989
Ownwell’s Romulus Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Romulus with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Romulus 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 Romulus, Michigan
Property taxes in Romulus, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Romulus is 1.27%, higher than the U.S. national median of 0.99%. Local government entities within Romulus set these rates annually, and they can vary significantly across different neighborhoods. Each year, Romulus 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 Romulus's effective property tax rate to other areas in Michigan and the national median. For comparison, the zip code 48174 has the highest median property tax rate of 1.27%, while the same zip code also has the lowest median tax rate of 1.27%. Understanding how these areas compare with Romulus 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 Romulus Tax Rate
1.27%
Average Wayne County Tax Rate
1.44%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Romulus, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48174 | 0.82% | 1.04% | 1.27% | 1.66% | 2.12% |
Source: Ownwell
Property Tax Assessment Values Across Romulus, Michigan
In Romulus, 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 Romulus, 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 Romulus helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Romulus is $156,600, with the highest and lowest median tax bills both being $2,071 in the 48174 zip code.
Average Romulus Assessed Value
$156,600
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 Romulus, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48174 | $88,000 | $122,600 | $156,600 | $234,200 | $292,400 |
Source: Ownwell
Property Tax Bills Across Romulus, Michigan
In Romulus, MI, property tax bills are calculated based on the assessed value of a home, which is typically set at 50% of its market value. For instance, with a median home price of $156,600, the assessed value would be approximately $78,300. Property tax rates in Romulus are influenced by various factors, including local government budgets, public school funding, and other municipal services. Homeowners in Romulus can expect a range of property tax bills. The 25th percentile tax bill is around $1,541, while the 75th percentile reaches $2,806, and the 90th percentile climbs to $3,923. The median property tax rate in Romulus is 1.32%, which is higher than the national median property tax rate of 0.99%. This higher rate can significantly impact homeowners, as it results in higher annual tax payments. Understanding these factors helps homeowners in Romulus anticipate their potential property tax liabilities and plan their finances accordingly.
Average Romulus Tax Bill
$2,071
Average Wayne County Tax Bill
$1,625
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Romulus, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48174 | $1,022 | $1,541 | $2,071 | $2,806 | $3,923 |
Source: Ownwell