Farmington Hills, Michigan Property Taxes
The median property tax rate in Farmington Hills, MI is 1.64%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Farmington Hills at $281,600, the typical annual property tax bill reaches $4,564, exceeding the national median of $2,690. Property taxes in Farmington Hills 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 Farmington Hills' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Farmington Hills 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
Farmington Hills, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.64%
Estimate Property Tax Bill
$4,618
Ownwell’s Farmington Hills Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farmington Hills with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farmington Hills 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 Farmington Hills, Michigan
Property taxes in Farmington Hills, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farmington Hills is 1.64%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Farmington Hills set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farmington Hills 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 Farmington Hills' effective property tax rate to other areas in Michigan and the national median. For comparison, the 48331 zip code has the highest median property tax rate of 1.69%, while the 48336 zip code has the lowest median tax rate of 1.54%. Understanding how these areas compare with Farmington Hills 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 Farmington Hills Tax Rate
1.64%
Average Oakland County Tax Rate
1.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farmington Hills, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48331 | 1.32% | 1.49% | 1.69% | 1.99% | 2.20% |
| 48334 | 1.22% | 1.39% | 1.68% | 2.10% | 2.57% |
| 48335 | 1.38% | 1.50% | 1.63% | 2.02% | 2.21% |
| 48336 | 1.13% | 1.31% | 1.54% | 1.93% | 2.21% |
Source: Ownwell
Property Tax Assessment Values Across Farmington Hills, Michigan
In Farmington Hills, 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 Farmington Hills, 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. The highest median tax bill is found in zip code 48331 at $5,643, while the lowest median tax bill is in zip code 48336 at $3,430. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Farmington Hills, Michigan
Source: Ownwell
$64,640
$936,355
$1,808,070
Average Farmington Hills Assessed Value
$281,600
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 Farmington Hills, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48331 | $215,158 | $284,620 | $333,770 | $382,435 | $453,506 |
| 48334 | $106,000 | $163,100 | $262,680 | $321,380 | $388,892 |
| 48335 | $182,942 | $241,350 | $316,670 | $369,520 | $420,416 |
| 48336 | $113,200 | $157,785 | $208,760 | $279,860 | $325,934 |
Source: Ownwell
Property Tax Bills Across Farmington Hills, Michigan
In Farmington Hills, Oakland County, MI, property tax bills are calculated based on the assessed value of a home, which is typically about half of its market value. The median home price in Farmington Hills is $281,600. To determine the tax bill, local tax rates are applied to this assessed value, which can vary depending on the specific location and services provided. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. For instance, the median property tax bill in Farmington Hills ranges from $3,430 in the 48336 zip code to $5,643 in the 48331 zip code. Homeowners in this area can expect to pay significantly more than the national median property tax rate of 0.99%. Higher property tax bills can impact homeowners by increasing their monthly housing costs, potentially affecting overall affordability. Conversely, they can also reflect a higher level of local services and amenities that benefit the community.
Average Farmington Hills Tax Bill
$4,564
Average Oakland County Tax Bill
$3,833
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Farmington Hills, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48331 | $3,351 | $4,468 | $5,643 | $6,981 | $8,696 |
| 48334 | $1,482 | $3,251 | $4,244 | $5,655 | $7,196 |
| 48335 | $2,718 | $3,905 | $5,452 | $6,618 | $7,876 |
| 48336 | $1,677 | $2,298 | $3,430 | $4,427 | $5,690 |
Source: Ownwell