Oakley, Michigan Property Taxes
The median property tax rate in Oakley, MI is 0.43%, significantly lower than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Oakley at $138,100, the typical annual property tax bill is $624, well below the national median of $2,690. Property taxes in Oakley are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Oakley'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 Oakley or another part of Saginaw County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oakley, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.43%
Estimate Property Tax Bill
$594
Ownwell’s Oakley Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Oakley with just two data points. By entering your property's estimated assessed value, the calculator utilizes the median tax rate in Oakley to project your property tax bill. This practical tool helps you grasp potential tax liabilities, ensuring you are well-prepared for financial planning. For those interested in more detailed trends at the neighborhood level, you can scroll down to access localized information. Your property’s assessed value, determined by the county, is crucial for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Oakley, Michigan
Property taxes in Oakley, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakley is 0.43%, which is significantly lower than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Oakley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oakley 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 Oakley's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48649 zip code has the highest median property tax rate of 0.43%, while the 48649 zip code also has the lowest median tax rate of 0.43%. Understanding how these cities compare with Oakley provides valuable insights into the varying tax landscape across Saginaw County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oakley Tax Rate
0.43%
Average Saginaw County Tax Rate
0.78%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oakley, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48649 | 0.20% | 0.32% | 0.43% | 0.51% | 1.34% |
Source: Ownwell
Property Tax Assessment Values Across Oakley, Michigan
In Oakley, 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 Saginaw 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 Oakley, 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 Oakley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 48649 has the highest median tax bill at $624.
Average Oakley Assessed Value
$138,100
Average Saginaw County Assessed Value
$119,800
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oakley, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48649 | $42,600 | $86,750 | $138,100 | $199,800 | $296,660 |
Source: Ownwell
Property Tax Bills Across Oakley, Michigan
In Oakley, located in Saginaw County, MI, property tax bills are determined based on the assessed value of the home, which is a percentage of the market value. The median home price in Oakley is $138,100, and the local property tax rate is applied to this assessed value to calculate the tax bill. Homeowners in Oakley can expect their tax bills to vary significantly, depending on their property's assessed value and specific tax rate. For instance, tax bills in the 25th percentile are around $398, while those in the 75th percentile can reach up to $897, and the 90th percentile can go as high as $1247. These property taxes fund essential local services, including schools, public safety, and infrastructure maintenance, directly impacting the quality of life in the community. Compared to the national median property tax rate of 0.99%, Oakley's rates reflect the local government's funding needs and priorities. Homeowners should be aware of these factors as they significantly influence their annual financial obligations and the overall value derived from their property investment.
Average Oakley Tax Bill
$624
Average Saginaw County Tax Bill
$894
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Oakley, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48649 | $225 | $398 | $624 | $897 | $1,247 |
Source: Ownwell