Reese, Michigan Property Taxes
The median property tax rate in Reese, MI is 0.63%, which is significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $154,900 in Reese, the typical annual property tax bill is $894, well below the national median of $2,690. Property taxes in Reese are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as primary residence and agricultural exemptions. By understanding Reese's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you reside in the heart of Reese or another part of Tuscola County, familiarizing yourself with the local property tax system is essential for maximizing financial benefits.
Last Updated June 14, 2024
Reese, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$976
$906
Ownwell’s Reese Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to 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 0.63%, lower than 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 0.63%. Understanding how these cities compare with Reese provides valuable insights into the varying tax landscape across Tuscola County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Reese Tax Rate
0.63%
Average Tuscola County Tax Rate
0.36%
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 | 0.32% | 0.36% | 0.63% | 0.84% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Reese, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Reese, Michigan. 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 Tuscola 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. Reese's median home price is $154,900, with property tax bills ranging from $518 at the 25th percentile to $1,735 at the 90th percentile. Additionally, the highest and lowest median tax bills in Reese are both $894, found in the 48757 zip code. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Reese Assessed Value
$154,900
Average Tuscola County Assessed Value
$128,800
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 | $91,200 | $119,250 | $154,900 | $189,700 | $239,380 |
Source: Ownwell
Property Tax Bills Across Reese, Michigan
In Reese, located in Tuscola County, MI, property tax bills are calculated based on the assessed value of a home, which is typically determined by the local tax assessor. The median home price in Reese is $154,900. Property taxes in this area are influenced by various factors, including the property's market value, local tax rates, and any applicable exemptions or deductions. Homeowners in Reese experience a range of tax bills. For instance, the 25th percentile tax bill is around $518, while the 75th percentile tax bill is approximately $1,394. At the higher end, the 90th percentile tax bill reaches $1,735. These figures highlight the variability in property tax burdens across different homes. Comparatively, the median property tax rate in Reese is lower than the national median rate of 0.99%, making it a relatively affordable area for homeowners in terms of property taxes. Understanding these factors can help homeowners better anticipate their annual tax obligations and manage their finances accordingly.
Average Reese Tax Bill
$894
Average Tuscola County Tax Bill
$531
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 | $356 | $518 | $894 | $1,394 | $1,735 |
Source: Ownwell