Rochester, Michigan Property Taxes
The median property tax rate in Rochester, MI is 1.14%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Rochester at $429,870, the typical annual property tax bill reaches $5,007, exceeding the national median of $2,690. Property taxes in Rochester are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Rochester'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 Rochester 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
Rochester, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.14%
Estimate Property Tax Bill
$4,901
Ownwell’s Rochester Property Tax Bill Calculator offers homeowners, real estate investors, and potential buyers an easy way to estimate their annual property taxes in Rochester with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Rochester to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed trends, you can find localized information by exploring further down the page. Your property’s assessed value is determined by the county for property tax calculations, and it takes into account any applicable exemptions.
Property Tax Rates Across Rochester, Michigan
Property taxes in Rochester, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rochester is 1.14%, which is higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Rochester set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rochester 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 Rochester's effective property tax rate to other areas in Michigan and the national median. For comparison, the 48307 zip code has the highest median property tax rate of 1.27%, while the 48306 zip code has the lowest median tax rate of 1.03%. Understanding how these areas compare with Rochester provides valuable insights into the varying tax landscape across Oakland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rochester Tax Rate
1.14%
Average Oakland County Tax Rate
1.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rochester, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48306 | 0.76% | 0.89% | 1.03% | 1.17% | 1.33% |
| 48307 | 0.86% | 1.04% | 1.27% | 1.51% | 1.63% |
| 48309 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Rochester, Michigan
In Rochester, 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 Oakland 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. Assessment notices in Rochester 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. For instance, the highest median tax bill in Rochester is $5,015 in zip code 48306, while the lowest is $4,944 in zip code 48307. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Rochester Assessed Value
$429,870
Average Oakland County Assessed Value
$273,320
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rochester, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48306 | $245,536 | $349,240 | $493,820 | $642,050 | $923,928 |
| 48307 | $126,820 | $257,200 | $370,610 | $521,920 | $675,586 |
| 48309 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Rochester, Michigan
In Rochester, Oakland County, MI, property tax bills are calculated based on the assessed value of a home, which is typically around 50% of the market value. For instance, with a median home price of $429,870, the assessed value would be approximately $214,935. The tax rate is then applied to this assessed value to determine the tax bill. Various factors influence this calculation, including local tax rates, property improvements, and neighborhood assessments. Homeowners in Rochester experience a range of property tax bills. The 25th percentile tax bill is $3,182, while the 75th percentile reaches $7,244, and the 90th percentile can be as high as $9,716. Notably, the highest median tax bill in the area is $5,015 in the 48306 zip code, whereas the lowest is $4,944 in the 48307 zip code. These tax bills can significantly impact homeowners, affecting their monthly budgets and overall financial planning. Compared to the national median property tax rate of 0.99%, Rochester's rates reflect the local economic conditions and property values.
Average Rochester Tax Bill
$5,007
Average Oakland County Tax Bill
$3,833
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Rochester, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48306 | $2,423 | $3,504 | $5,015 | $7,123 | $9,931 |
| 48307 | $1,650 | $2,904 | $4,944 | $7,132 | $9,417 |
| 48309 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell