Richville, Michigan Property Taxes
The median property tax rate in Richville, MI is 0.30%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Richville at $128,500, the typical annual property tax bill is $404, well below the national median of $2,690. Property taxes in Richville are calculated based on the assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Richville'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 Richville or another part of Tuscola County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Richville, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.3%
Estimate Property Tax Bill
$386
$358
Ownwell’s RICHVILLE Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in RICHVILLE with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in RICHVILLE 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 Richville, Michigan
Property taxes in Richville, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Richville is 1.54%, significantly higher than both the Michigan state median of 1.54% and the U.S. national median of 0.99%. Local government entities within Richville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richville 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 Richville's effective property tax rate to other counties in Michigan and the national median. For comparison, the highest median property tax rate in Tuscola County is in zip code 48723 with a rate of 2.14%, while the lowest median tax rate is in zip code 48701 at 1.23%. Understanding how these cities compare with Richville 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 Richville Tax Rate
0.30%
Average Tuscola County Tax Rate
0.36%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richville, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48758 | 0.29% | 0.29% | 0.30% | 0.31% | 0.36% |
Source: Ownwell
Property Tax Assessment Values Across Richville, Michigan
In Richville, 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 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. Assessment notices in Richville 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. The median home price in Richville is $128,500, with tax bills varying significantly. For example, the 25th percentile tax bill is $323, while the 75th percentile tax bill is $504, and the 90th percentile tax bill reaches $699. The zip code 48758 has the highest and lowest median tax bill at $404. 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 the tax burden.
Average Richville Assessed Value
$128,500
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 Richville, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48758 | $92,100 | $106,750 | $128,500 | $158,000 | $204,200 |
Source: Ownwell
Property Tax Bills Across Richville, Michigan
In Richville, located in Tuscola County, MI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property improvements, neighborhood developments, and changes in the housing market can influence the assessed value, thereby affecting the tax bill. For homeowners in Richville, the median home price stands at $128,500. Tax bills can vary significantly, with the 25th percentile at $323 and the 75th percentile at $504. The highest median tax bill in the area is $404, found in the 48758 zip code. Compared to the national median property tax rate of 0.99%, Richville's tax bills provide a useful benchmark for homeowners to understand their financial obligations. Understanding these factors helps homeowners anticipate their annual expenses and plan accordingly, ensuring they are prepared for any changes in their property tax bills.
Average Richville Tax Bill
$404
Average Tuscola County Tax Bill
$531
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Richville, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48758 | $278 | $323 | $404 | $504 | $699 |
Source: Ownwell