Goodrich, Michigan Property Taxes
The median property tax rate in Goodrich, MI is 0.36%, considerably lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Goodrich, the typical annual property tax bill reaches $1,105, significantly below the national median of $2,690. Property taxes in Goodrich 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 Goodrich'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 Goodrich 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
Goodrich, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.36%
Estimate Property Tax Bill
$1,092
Ownwell’s Goodrich Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Goodrich with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Goodrich to estimate your property tax bill. This valuable tool provides insight into potential tax liabilities. For those interested in understanding trends at a neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Goodrich, Michigan
Property taxes in Goodrich, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Goodrich is 0.36%, which is significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Goodrich set these rates annually, and they can vary significantly across different neighborhoods. Each year, Goodrich 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 Goodrich'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 48103 with a rate of 3.61%, while the lowest median tax rate is in 48236 at 0.18%. Understanding how these cities compare with Goodrich provides valuable insights into the varying tax landscape across Lapeer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Goodrich Tax Rate
0.36%
Average Lapeer County Tax Rate
0.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Goodrich, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48438 | 0.30% | 0.32% | 0.36% | 0.44% | 0.66% |
Source: Ownwell
Property Tax Assessment Values Across Goodrich, Michigan
In Goodrich, 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 Lapeer 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 Goodrich, 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 Goodrich helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Goodrich are both $1105, found in the 48438 zip code.
Average Goodrich Assessed Value
$303,400
Average Lapeer County Assessed Value
$215,800
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Goodrich, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48438 | $172,800 | $233,600 | $303,400 | $391,200 | $514,800 |
Source: Ownwell
Property Tax Bills Across Goodrich, Michigan
In Goodrich, situated in Lapeer County, 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. For instance, with the median home price in Goodrich at $303,400, the assessed value would be a fraction of this amount. The tax rate is then applied to the assessed value to calculate the tax bill. Several factors influence the assessed value, including the property's location, size, and condition. Local tax rates and any applicable exemptions or deductions also play a role in determining the final tax bill. Homeowners in Goodrich can expect tax bills ranging from $847 at the 25th percentile to $2,406 at the 90th percentile, with the median tax bill being around $1,105. This is slightly above the national median property tax rate of 0.99%, reflecting the local economic conditions and municipal budget requirements. Understanding these factors helps homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Goodrich Tax Bill
$1,105
Average Lapeer County Tax Bill
$858
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Goodrich, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48438 | $621 | $847 | $1,105 | $1,738 | $2,406 |
Source: Ownwell