Walled Lake, Michigan Property Taxes
The median property tax rate in Walled Lake, MI is 1.31%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Walled Lake at $205,380, the typical annual property tax bill reaches $2,821, exceeding the national median of $2,690. Property taxes in Walled 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 Walled 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 Walled Lake 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
Walled Lake, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$2,690
Ownwell’s Walled Lake Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Walled Lake with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Walled Lake to project your property tax bill. This valuable tool helps you understand your potential tax liabilities. For those curious about neighborhood-level trends, more localized information is available as you scroll down. Your property’s assessed value is determined by Oakland County for property tax purposes and includes any applicable exemptions.
Property Tax Rates Across Walled Lake, Michigan
Property taxes in Walled Lake, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Walled Lake is 1.31%, which is higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Walled Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walled 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 Walled Lake's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48390 zip code has the highest median property tax rate of 1.31%, while the 48390 zip code also has the lowest median tax rate of 1.31%. Understanding how these cities compare with Walled 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 Walled Lake Tax Rate
1.31%
Average Oakland County Tax Rate
1.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Walled Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48390 | 0.75% | 0.98% | 1.31% | 1.65% | 1.89% |
Source: Ownwell
Property Tax Assessment Values Across Walled Lake, Michigan
In Walled 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. Assessment notices in Walled Lake 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 Walled Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Walled Lake is $205,380. The highest median tax bill is $2,821 in the 48390 zip code, which also has the lowest median tax bill of $2,821.
Average Walled Lake Assessed Value
$205,380
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 Walled Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48390 | $142,172 | $165,680 | $205,380 | $268,300 | $423,508 |
Source: Ownwell
Property Tax Bills Across Walled Lake, Michigan
In Walled Lake, MI, property tax bills are calculated based on the assessed value of a property, which is typically 50% of the market value. For instance, with a median home price of $205,380, the assessed value would be approximately $102,690. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors influencing the tax bill include property improvements, neighborhood changes, and overall market conditions. Homeowners in Walled Lake can expect their property tax bills to vary. The 25th percentile tax bill is around $2,001, while the 75th percentile tax bill reaches $3,935. At the 90th percentile, it can go up to $5,710. The highest median tax bill in the area is $2,821, found in the 48390 zip code. Compared to the national median property tax rate of 0.99%, Walled Lake's tax rates can significantly impact homeowners, influencing decisions on buying, selling, or investing in property.
Average Walled Lake Tax Bill
$2,821
Average Oakland County Tax Bill
$3,833
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Walled Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48390 | $1,263 | $2,001 | $2,821 | $3,935 | $5,710 |
Source: Ownwell