Reese, Michigan Property Taxes
The median property tax rate in Reese, MI is 0.46%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Reese at $152,200, the typical annual property tax bill amounts to $739, which is well below the national median of $2,690. Property taxes in Reese 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 Reese's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Reese or another part of Bay County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Reese, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.46%
Estimate Property Tax Bill
$700
$650
Ownwell’s Reese Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Reese with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Reese 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 Reese, Michigan
Property taxes in Reese, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Reese is 0.46%, which is below both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Reese set these rates annually, and they can vary significantly across different neighborhoods. Each year, Reese 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 Reese's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48757 zip code has both the highest and lowest median property tax rate of 0.46%. Understanding how these cities compare with Reese provides valuable insights into the varying tax landscape across Bay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Reese Tax Rate
0.46%
Average Bay County Tax Rate
1.00%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Reese, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48757 | 0.43% | 0.45% | 0.46% | 0.51% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Reese, Michigan
In Reese, 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 Bay 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 Reese, 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 Reese helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Reese are both $739, found in the 48757 zip code.
Average Reese Assessed Value
$152,200
Average Bay County Assessed Value
$117,300
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Reese, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48757 | $78,470 | $131,050 | $152,200 | $179,350 | $204,890 |
Source: Ownwell
Property Tax Bills Across Reese, Michigan
In Reese, Michigan, property tax bills are calculated based on the assessed value of the property, which is typically set at 50% of the market value. For a median home price of $152,200, this means the assessed value would be approximately $76,100. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors that influence the tax bill include the property's location within Bay County and any applicable exemptions or deductions. Homeowners in Reese can expect tax bills that vary widely. For instance, the 25th percentile tax bill is around $545, while the 75th percentile reaches $877. At the 90th percentile, tax bills can go up to $1,024. These figures highlight the range of potential tax liabilities depending on property values and specific circumstances. Compared to the national median property tax rate of 0.99%, Reese's tax rates offer a diverse impact on homeowners, influencing their financial planning and property investment decisions.
Average Reese Tax Bill
$739
Average Bay County Tax Bill
$1,271
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Reese, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48757 | $363 | $545 | $739 | $877 | $1,024 |
Source: Ownwell