Reading, Michigan Property Taxes
The median property tax rate in Reading, MI is 0.39%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Reading at $125,748, the typical annual property tax bill amounts to $609, which is well below the national median of $2,690. Property taxes in Reading are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Reading'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 Reading 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
Reading, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.39%
Estimate Property Tax Bill
$490
Ownwell’s Reading Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Reading with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Reading 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 Reading, Michigan
Property taxes in Reading, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Reading is 0.39%, significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Reading set these rates annually, and they can vary significantly across different neighborhoods. Each year, Reading 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 Reading's effective property tax rate to other counties in Michigan and the national median. For comparison, the highest median property tax rate in Michigan is found in Hillsdale County, while the lowest median tax rate is also observed within the same county. Understanding how these cities compare with Reading provides valuable insights into the varying tax landscape across Hillsdale County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Reading Tax Rate
0.39%
Average Hillsdale County Tax Rate
0.41%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Reading, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49274 | 0.29% | 0.34% | 0.39% | 0.54% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Reading, Michigan
In Reading, 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 Hillsdale 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 Reading, 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 Reading helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Reading is $609 in zip code 49274, which is also the zip code with the lowest median tax bill.
Average Reading Assessed Value
$125,748
Average Hillsdale County Assessed Value
$141,139
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Reading, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49274 | $31,090 | $69,927 | $125,748 | $213,440 | $322,266 |
Source: Ownwell
Property Tax Bills Across Reading, Michigan
In Reading, Hillsdale County, MI, property tax bills are calculated based on the assessed value of a homeowner's property, which is determined by local assessors. This assessed value is a percentage of the market value of the property. The local tax rate, applied to this assessed value, ultimately determines the tax bill. Factors influencing the assessed value include property size, location, and market conditions. For homeowners in Reading, the median home price is $125,748. Property tax bills can vary widely, with the 25th percentile paying around $367, while those in the 75th percentile pay approximately $889. At the 90th percentile, the tax bill can reach up to $1,234. The highest and lowest median tax bills in the area are both $609, indicating some consistency in assessments within certain zip codes. Compared to the national median property tax rate of 0.99%, the property tax rates in Reading can significantly impact homeowners, influencing their overall cost of living and financial planning.
Average Reading Tax Bill
$609
Average Hillsdale County Tax Bill
$685
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Reading, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 49274 | $174 | $367 | $609 | $889 | $1,234 |
Source: Ownwell