Rockwood, Michigan Property Taxes
The median property tax rate in Rockwood, MI is 1.08%, slightly higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Rockwood at $225,400, the typical annual property tax bill reaches $2,523, just below the national median of $2,690. Property taxes in Rockwood 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 Rockwood'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 Rockwood 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
Rockwood, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$2,434
$2,259
Ownwell’s Rockwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Rockwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Rockwood 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 Rockwood, Michigan
Property taxes in Rockwood, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Rockwood is 1.08%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Rockwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Rockwood 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 Rockwood's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48173 zip code has the highest median property tax rate of 1.08%, while the 48173 zip code also has the lowest median tax rate of 1.08%. Understanding how these cities compare with Rockwood provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Rockwood Tax Rate
1.08%
Average Wayne County Tax Rate
1.44%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Rockwood, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48173 | 0.76% | 0.86% | 1.08% | 1.29% | 1.69% |
Source: Ownwell
Property Tax Assessment Values Across Rockwood, Michigan
In Rockwood, 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 Wayne 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 Rockwood, 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. The median home price in Rockwood is $225,400, with tax bills ranging from $1,880 at the 25th percentile to $4,022 at the 90th percentile. The zip code 48173 has the highest and lowest median tax bill, both at $2,523. 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 Rockwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Rockwood Assessed Value
$225,400
Average Wayne County Assessed Value
$126,800
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Rockwood, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48173 | $128,480 | $160,400 | $225,400 | $320,600 | $358,720 |
Source: Ownwell
Property Tax Bills Across Rockwood, Michigan
In Rockwood, located in Wayne County, MI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For instance, a median home price of $225,400 in Rockwood sets the stage for these calculations. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Several factors influence this tax bill, including property improvements, neighborhood changes, and local government budgets. Homeowners in Rockwood can expect their tax bills to vary significantly. For example, the 25th percentile tax bill is $1,880, while the 75th percentile reaches $3,234, and the 90th percentile can be as high as $4,022. These property taxes directly impact homeowners by influencing their monthly mortgage payments and overall housing affordability. Compared to the national median property tax rate of 0.99%, Rockwood's rates reflect local economic conditions and public service funding needs.
Average Rockwood Tax Bill
$2,523
Average Wayne County Tax Bill
$1,625
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Rockwood, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48173 | $1,256 | $1,880 | $2,523 | $3,234 | $4,022 |
Source: Ownwell