Sylvan Lake, Michigan Property Taxes
The median property tax rate in Sylvan Lake, MI is 1.15%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Sylvan Lake at $302,770, the typical annual property tax bill reaches $3,818, exceeding the national median of $2,690. Property taxes in Sylvan Lake 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 Sylvan Lake'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 Sylvan Lake or another part of Oakland County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sylvan Lake, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.15%
Estimate Property Tax Bill
$3,482
Ownwell’s Sylvan Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sylvan Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sylvan Lake 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 Oakland County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Sylvan Lake, Michigan
Property taxes in Sylvan Lake, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sylvan Lake is 1.15%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Sylvan Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sylvan Lake 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 Sylvan Lake's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48320 zip code has the highest median property tax rate of 1.15%, while the 48320 zip code also has the lowest median tax rate of 1.15%. Understanding how these cities compare with Sylvan Lake 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 Sylvan Lake Tax Rate
1.15%
Average Oakland County Tax Rate
1.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sylvan Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48320 | 0.82% | 0.93% | 1.15% | 1.56% | 1.89% |
Source: Ownwell
Property Tax Assessment Values Across Sylvan Lake, Michigan
In Sylvan Lake, 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 Sylvan Lake, 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 Sylvan Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 48320 has the highest and lowest median tax bill at $3,818.
Average Sylvan Lake Assessed Value
$302,770
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 Sylvan Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48320 | $218,390 | $250,910 | $302,770 | $391,685 | $722,700 |
Source: Ownwell
Property Tax Bills Across Sylvan Lake, Michigan
In Sylvan Lake, 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 local tax rate is then applied to this assessed value to determine the annual tax bill. For example, with a median home price of $302,770, homeowners in Sylvan Lake can expect their property tax bills to vary significantly. The tax bill at the 25th percentile is around $2,770, while at the 75th percentile, it rises to approximately $5,634. For those in the 90th percentile, the tax bill can reach up to $8,582. Several factors influence these amounts, including property size, location, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, the rates in Sylvan Lake can be quite variable, impacting homeowners differently based on their property’s assessed value. Understanding how these elements interplay helps homeowners anticipate their financial obligations and plan accordingly.
Average Sylvan Lake Tax Bill
$3,818
Average Oakland County Tax Bill
$3,833
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Sylvan Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48320 | $2,288 | $2,770 | $3,818 | $5,634 | $8,582 |
Source: Ownwell