Beverly Hills, Michigan Property Taxes
The median property tax rate in Beverly Hills, MI is 1.26%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Beverly Hills, the typical annual property tax bill reaches $6,008, exceeding the national median of $2,690. Property taxes in Beverly Hills 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 Beverly Hills' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Beverly Hills 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
Beverly Hills, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.26%
Estimate Property Tax Bill
$5,625
Ownwell’s Beverly Hills Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Beverly Hills with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Beverly Hills 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 Beverly Hills, Michigan
Property taxes in Beverly Hills, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Beverly Hills is 1.26%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Beverly Hills set these rates annually, and they can vary significantly across different neighborhoods. Each year, Beverly Hills 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 Beverly Hills' effective property tax rate to other counties in Michigan and the national median. For comparison, the 48025 zip code has the highest median property tax rate of 1.26%, while the same zip code also has the lowest median tax rate of 1.26%. Understanding how these cities compare with Beverly Hills 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 Beverly Hills Tax Rate
1.26%
Average Oakland County Tax Rate
1.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Beverly Hills, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48025 | 1.10% | 1.17% | 1.26% | 1.70% | 1.85% |
Source: Ownwell
Property Tax Assessment Values Across Beverly Hills, Michigan
In Beverly Hills, 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. In Beverly Hills, 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 Beverly Hills helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 48025 has both the highest and lowest median tax bill at $6008.
Property Tax Assessment Values Across Beverly Hills, Michigan
Source: Ownwell
$64,640
$936,355
$1,808,070
Average Beverly Hills Assessed Value
$446,460
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 Beverly Hills, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48025 | $280,876 | $343,780 | $446,460 | $546,670 | $670,812 |
Source: Ownwell
Property Tax Bills Across Beverly Hills, Michigan
In Beverly Hills, located in Oakland County, MI, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and is typically a percentage of the property's market value. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual property tax bill. Several factors influence the assessed value, including the home's location, size, age, and condition. Homeowners in Beverly Hills can expect tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $4,665, while at the 75th percentile, it rises to $7,841. At the 90th percentile, homeowners might see tax bills as high as $9,887. These property taxes play a crucial role in funding local services such as schools, public safety, and infrastructure. Comparatively, the median property tax rate in Beverly Hills may be higher than the national median of 0.99%, reflecting the area's higher property values and the quality of local services.
Average Beverly Hills Tax Bill
$6,008
Average Oakland County Tax Bill
$3,833
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Beverly Hills, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48025 | $3,706 | $4,665 | $6,008 | $7,841 | $9,887 |
Source: Ownwell