Huntington Woods, Michigan Property Taxes
The median property tax rate in Huntington Woods, MI is 1.55%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Huntington Woods at $410,510, the typical annual property tax bill reaches $7,235, far exceeding the national median of $2,690. Property taxes in Huntington Woods are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Huntington Woods' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Huntington Woods 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
Huntington Woods, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.55%
Estimate Property Tax Bill
$6,363
Ownwell’s Huntington Woods Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Huntington Woods with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Huntington Woods 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 Huntington Woods, Michigan
Property taxes in Huntington Woods, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Huntington Woods is 1.55%, significantly higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Huntington Woods set these rates annually, and they can vary across different neighborhoods. Each year, Huntington Woods 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 Huntington Woods' effective property tax rate to other counties in Michigan and the national median. For comparison, the highest and lowest median property tax rates in Oakland County are both 1.55%, found in the zip code 48070. Understanding how these cities compare with Huntington Woods 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 Huntington Woods Tax Rate
1.55%
Average Oakland County Tax Rate
1.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Huntington Woods, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48070 | 1.31% | 1.42% | 1.55% | 2.05% | 2.21% |
Source: Ownwell
Property Tax Assessment Values Across Huntington Woods, Michigan
In Huntington Woods, 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 Huntington Woods, 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 Huntington Woods helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $7,235, located in zip code 48070.
Property Tax Assessment Values Across Huntington Woods, Michigan
Source: Ownwell
$64,640
$936,355
$1,808,070
Average Huntington Woods Assessed Value
$410,510
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 Huntington Woods, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48070 | $313,756 | $345,590 | $410,510 | $553,715 | $737,034 |
Source: Ownwell
Property Tax Bills Across Huntington Woods, Michigan
In Huntington Woods, property tax bills are calculated based on the assessed value of a home, which is determined by the Oakland County Assessor's Office. The assessed value is typically half of the market value of the property. For instance, with a median home price of $410,510, the assessed value would be approximately $205,255. The property tax rate is then applied to this assessed value to calculate the tax bill. Several factors influence the final tax bill, including the local tax rate, any applicable exemptions, and the specific assessed value of the property. Homeowners in Huntington Woods experience varying tax bills, with the 25th percentile paying around $5,627 and the 75th percentile paying about $9,158. Those in the 90th percentile can see tax bills as high as $12,317. Compared to the national median property tax rate of 0.99%, the tax burden in Huntington Woods can be relatively high, significantly impacting homeowners' annual expenses. The consistent median tax bill of $7,235 in the 48070 zip code underscores the importance of understanding local property tax assessments and rates.
Average Huntington Woods Tax Bill
$7,235
Average Oakland County Tax Bill
$3,833
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Huntington Woods, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48070 | $4,810 | $5,627 | $7,235 | $9,158 | $12,317 |
Source: Ownwell