Pontiac, Michigan Property Taxes
The median property tax rate in Pontiac, 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 Pontiac, the typical annual property tax bill reaches $993, which is below the national median of $2,690. Property taxes in Pontiac 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 Pontiac'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 Pontiac 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
Pontiac, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.26%
Estimate Property Tax Bill
$945
Ownwell’s Pontiac Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pontiac with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pontiac 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 Pontiac, Michigan
Property taxes in Pontiac, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pontiac is 1.26%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Pontiac set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pontiac 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 Pontiac's effective property tax rate to other areas in Michigan and the national median. For comparison, the 48342 zip code has the highest median property tax rate of 1.46%, while the 48340 zip code has the lowest median tax rate of 1.19%. Understanding how these cities compare with Pontiac 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 Pontiac 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 Pontiac, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48340 | 0.79% | 0.89% | 1.19% | 1.57% | 2.16% |
| 48341 | 0.74% | 0.90% | 1.21% | 1.69% | 2.38% |
| 48342 | 0.89% | 1.07% | 1.46% | 1.88% | 2.76% |
Source: Ownwell
Property Tax Assessment Values Across Pontiac, Michigan
In Pontiac, Michigan, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value represents 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 Assessor 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 Pontiac, 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 Pontiac helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Pontiac, the zip code 48341 has the highest median tax bill at $1,117, while zip code 48342 has the lowest median tax bill at $936.
Average Pontiac Assessed Value
$75,000
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 Pontiac, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48340 | $54,736 | $63,420 | $75,820 | $99,920 | $172,560 |
| 48341 | $41,720 | $55,010 | $93,840 | $135,950 | $182,040 |
| 48342 | $38,246 | $47,815 | $64,640 | $89,000 | $111,188 |
Source: Ownwell
Property Tax Bills Across Pontiac, Michigan
In Pontiac, located in Oakland County, MI, property tax bills are calculated based on the assessed value of the property, which is typically a percentage of the market value. Homeowners in Pontiac can expect their tax bill to be influenced by various factors, including the market value of their home, the local tax rate, and any applicable exemptions or deductions. For instance, the median home price in Pontiac is $75,000. The tax bill for a property at the 25th percentile is approximately $711, while at the 75th percentile, it rises to about $1,484. The 90th percentile tax bill can reach up to $2,086. These figures indicate a range of property tax burdens within the city, reflecting differences in property values and applicable tax rates. The highest median tax bill in Pontiac is found in zip code 48341 at $1,117, whereas the lowest median tax bill is in zip code 48342 at $936. Compared to the national median property tax rate of 0.99%, Pontiac's tax rates can significantly impact homeowners, influencing their overall financial planning and property affordability.
Average Pontiac Tax Bill
$993
Average Oakland County Tax Bill
$3,833
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Pontiac, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48340 | $569 | $702 | $954 | $1,427 | $2,018 |
| 48341 | $566 | $770 | $1,117 | $1,646 | $2,367 |
| 48342 | $534 | $681 | $936 | $1,383 | $1,920 |
Source: Ownwell