Bloomfield Village, Michigan Property Taxes
The median property tax rate in Bloomfield Village, MI is 1.58%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Bloomfield Village at $1,808,070, the typical annual property tax bill reaches $28,989, exceeding the national median of $2,690. Property taxes in Bloomfield 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 Bloomfield 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 Bloomfield 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
Bloomfield Village, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.58%
Estimate Property Tax Bill
$28,568
Ownwell’s Bloomfield Village Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bloomfield Village with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bloomfield 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 Oakland County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Bloomfield Village, Michigan
Property taxes in Bloomfield Village, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bloomfield Village is 1.58%, significantly higher than the U.S. national median of 0.99%. Local government entities within Bloomfield Village set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bloomfield 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 Bloomfield Village's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48301 zip code has the highest median property tax rate of 1.58%, while the same zip code also has the lowest median tax rate of 1.58%. Understanding how these cities compare with Bloomfield 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 Bloomfield Village Tax Rate
1.58%
Average Oakland County Tax Rate
1.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bloomfield Village, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48301 | 1.45% | 1.50% | 1.58% | 1.67% | 1.72% |
Source: Ownwell
Property Tax Assessment Values Across Bloomfield Village, Michigan
In Bloomfield Village, 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 Bloomfield 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. 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 Bloomfield Village helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills are both found in zip code 48301, averaging $28,989.
Property Tax Assessment Values Across Bloomfield Village, Michigan
Source: Ownwell
$64,640
$936,355
$1,808,070
Average Bloomfield Village Assessed Value
$1,808,070
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 Bloomfield Village, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48301 | $1,646,670 | $1,707,195 | $1,808,070 | $1,908,945 | $1,969,470 |
Source: Ownwell
Property Tax Bills Across Bloomfield Village, Michigan
Property tax bills in Bloomfield Village, located in Oakland County, MI, are calculated based on the assessed value of the property, which is determined by local assessors. This assessed value is typically a percentage of the property's market value. The tax rate is then applied to this assessed value to determine the annual tax bill. In Bloomfield Village, the median home price is $1,808,070, leading to substantial property tax bills. For instance, tax bills at the 25th percentile are around $25,885, while those at the 75th percentile reach approximately $32,092. At the 90th percentile, homeowners might see tax bills as high as $33,955. These figures are significantly higher than the national median property tax rate of 0.99%, reflecting the area's higher property values. Such high property tax bills can impact homeowners by increasing the overall cost of homeownership, making it essential for residents to understand how their tax bills are calculated and explore potential exemptions or appeals.
Average Bloomfield Village Tax Bill
$28,989
Average Oakland County Tax Bill
$3,833
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Bloomfield Village, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48301 | $24,023 | $25,885 | $28,989 | $32,092 | $33,955 |
Source: Ownwell