Hazel Park, Michigan Property Taxes
The median property tax rate in Hazel Park, MI is 2.28%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Hazel Park at $87,000, the typical annual property tax bill reaches $2,003, exceeding the national median of $2,690. Property taxes in Hazel Park 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 Hazel Park'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 Hazel Park 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
Hazel Park, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.28%
Estimate Property Tax Bill
$1,984
Ownwell’s Hazel Park Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Hazel Park with just two inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Hazel Park to provide an estimated property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Hazel Park, Michigan
Property taxes in Hazel Park, Michigan, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Hazel Park is 2.28%, significantly higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Hazel Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hazel Park 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 Hazel Park's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48030 zip code has the highest median property tax rate of 2.28%, while the same zip code also has the lowest median tax rate of 2.28%. Understanding how these cities compare with Hazel Park 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 Hazel Park Tax Rate
2.28%
Average Oakland County Tax Rate
1.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hazel Park, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48030 | 1.77% | 1.92% | 2.28% | 2.93% | 3.45% |
Source: Ownwell
Property Tax Assessment Values Across Hazel Park, Michigan
In Hazel Park, 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 Hazel Park, 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 Hazel Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Hazel Park is $87,000, with tax bills ranging from $1,648 at the 25th percentile to $3,472 at the 90th percentile. The highest and lowest median tax bill is $2,003 in zip code 48030.
Average Hazel Park Assessed Value
$87,000
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 Hazel Park, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48030 | $64,720 | $74,960 | $87,000 | $103,720 | $133,000 |
Source: Ownwell
Property Tax Bills Across Hazel Park, Michigan
In Hazel Park, 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. For a median home price of $87,000, homeowners can expect tax bills to vary significantly. The tax bill at the 25th percentile is around $1,648, while at the 75th percentile, it rises to $2,694. For those at the 90th percentile, the tax bill can reach up to $3,472. Several factors influence these tax bills, including property size, location, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Hazel Park's property tax rates can result in higher annual costs for homeowners. This financial obligation impacts homeowners by contributing to their overall housing expenses and can influence decisions related to property purchases and long-term residency. Understanding these factors is crucial for homeowners to manage their budgets effectively and anticipate future financial commitments.
Average Hazel Park Tax Bill
$2,003
Average Oakland County Tax Bill
$3,833
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Hazel Park, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48030 | $1,432 | $1,648 | $2,003 | $2,694 | $3,472 |
Source: Ownwell