Lathrup Village, Michigan Property Taxes
The median property tax rate in Lathrup Village, MI is 1.41%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Lathrup Village at $269,860, the typical annual property tax bill reaches $3,945, exceeding the national median of $2,690. Property taxes in Lathrup Village 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 Lathrup Village'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 Lathrup Village 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
Lathrup Village, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.41%
Estimate Property Tax Bill
$3,805
Ownwell’s Lathrup Village Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lathrup Village with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lathrup Village 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 Lathrup Village, Michigan
Property taxes in Lathrup Village, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lathrup Village is 1.41%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Lathrup Village set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lathrup Village 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 Lathrup Village's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48076 zip code has the highest median property tax rate of 1.41%, while the same zip code also has the lowest median tax rate of 1.41%. Understanding how these cities compare with Lathrup Village 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 Lathrup Village Tax Rate
1.41%
Average Oakland County Tax Rate
1.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lathrup Village, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48076 | 1.15% | 1.25% | 1.41% | 1.91% | 2.34% |
Source: Ownwell
Property Tax Assessment Values Across Lathrup Village, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lathrup Village, 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 Oakland County Assessment Office 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 Lathrup Village, 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 the area is $269,860, and property tax bills can range significantly. For example, the 25th percentile tax bill is approximately $3,291, while the 75th percentile tax bill is around $5,225. The zip code 48076 has the highest and lowest median tax bill, both at $3,945. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to manage their tax burden effectively.
Property Tax Assessment Values Across Lathrup Village, Michigan
Source: Ownwell
$64,640
$936,355
$1,808,070
Average Lathrup Village Assessed Value
$269,860
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 Lathrup Village, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48076 | $190,924 | $231,340 | $269,860 | $313,660 | $359,568 |
Source: Ownwell
Property Tax Bills Across Lathrup Village, Michigan
In Lathrup Village, located in Oakland 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 city uses a millage rate, which is the amount of tax payable per thousand dollars of assessed value, to determine the final tax bill. Several factors influence the assessed value, including the property's market conditions, improvements, and overall economic trends in the area. For homeowners, this means that fluctuations in the housing market can significantly impact their annual property tax bills. For instance, with a median home price of $269,860, tax bills in Lathrup Village range from $3,291 at the 25th percentile to $6,729 at the 90th percentile. The highest and lowest median tax bills in the area are both $3,945, reflecting the specific millage rate applied. Compared to the national median property tax rate of 0.99%, Lathrup Village's property tax rates indicate a substantial investment for homeowners, affecting their overall financial planning and budgeting.
Average Lathrup Village Tax Bill
$3,945
Average Oakland County Tax Bill
$3,833
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Lathrup Village, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48076 | $2,801 | $3,291 | $3,945 | $5,225 | $6,729 |
Source: Ownwell