Riverside, Michigan Property Taxes
The median property tax rate in Riverside, MI is 0.33%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Riverside, the typical annual property tax bill amounts to $318, which is well below the national median of $2,690. Property taxes in Riverside 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 Riverside'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 Riverside or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Riverside, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.33%
Estimate Property Tax Bill
$337
Ownwell’s Riverside Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Riverside with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Riverside 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 Riverside, Michigan
Property taxes in Riverside, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Riverside is 0.33%, which is significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Riverside set these rates annually, and they can vary significantly across different neighborhoods. Each year, Riverside 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 Riverside's effective property tax rate to other counties in Michigan and the national median. For comparison, the highest median property tax rate in the area is found in ZIP code 49022 with a rate of 1.71%, while ZIP code 49103 has the lowest median tax rate of 1.08%. Understanding how these cities compare with Riverside provides valuable insights into the varying tax landscape across Berrien County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Riverside Tax Rate
0.33%
Average Berrien County Tax Rate
0.85%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Riverside, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49084 | 0.21% | 0.28% | 0.33% | 0.36% | 0.37% |
Source: Ownwell
Property Tax Assessment Values Across Riverside, Michigan
In Riverside, 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 Berrien 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 Riverside, 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. Riverside's median home price is $102,200, with tax bills ranging from the 25th percentile at $269 to the 90th percentile at $494. The highest and lowest median tax bills are both $318 in zip code 49084. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Riverside Assessed Value
$102,200
Average Berrien County Assessed Value
$183,200
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Riverside, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49084 | $91,740 | $94,350 | $102,200 | $120,500 | $141,920 |
Source: Ownwell
Property Tax Bills Across Riverside, Michigan
In Riverside, 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 is typically a percentage of the property's market value. For instance, with a median home price of $102,200, the assessed value would be a portion of this amount. The local tax rate is then applied to the assessed value to calculate the property tax bill. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions or deductions. In Riverside, the tax bills can vary significantly. Homeowners in the 25th percentile can expect to pay around $269, while those in the 75th percentile might see bills closer to $394. The 90th percentile tax bill goes up to $494. These property taxes directly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services, making it essential to understand how these bills are determined and managed.
Average Riverside Tax Bill
$318
Average Berrien County Tax Bill
$1,463
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Riverside, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49084 | $218 | $269 | $318 | $394 | $494 |
Source: Ownwell