Orchard Lake, Michigan Property Taxes
The median property tax rate in Orchard Lake, MI is 1.28%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Orchard Lake, the typical annual property tax bill reaches $8,690, exceeding the national median of $2,690. Property taxes in Orchard 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 Orchard 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 Orchard 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
Orchard Lake, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.28%
Estimate Property Tax Bill
$8,039
Ownwell’s Orchard Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Orchard Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Orchard Lake 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 Orchard Lake, Michigan
Property taxes in Orchard 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 Orchard Lake is 1.28%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Orchard Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Orchard 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 Orchard Lake's effective property tax rate to other areas in Oakland County and the national median. For comparison, the 48324 zip code has the highest median property tax rate of 1.29%, while the 48323 zip code has the lowest median tax rate of 1.25%. Understanding how these areas compare with Orchard 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 Orchard Lake Tax Rate
1.28%
Average Oakland County Tax Rate
1.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Orchard Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48323 | 1.07% | 1.12% | 1.25% | 1.56% | 1.73% |
| 48324 | 1.00% | 1.12% | 1.29% | 1.57% | 1.85% |
Source: Ownwell
Property Tax Assessment Values Across Orchard Lake, Michigan
In Orchard 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. In Orchard Lake, 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. For instance, the highest median tax bill in Orchard Lake is $9,449 in zip code 48324, while the lowest median tax bill is $8,072 in zip code 48323. Being aware of these valuation processes in Orchard Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Orchard Lake, Michigan
Source: Ownwell
$64,640
$936,355
$1,808,070
Average Orchard Lake Assessed Value
$628,080
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 Orchard Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48323 | $399,410 | $464,405 | $556,960 | $1,101,995 | $2,780,664 |
| 48324 | $277,880 | $388,380 | $672,400 | $1,733,260 | $2,851,252 |
Source: Ownwell
Property Tax Bills Across Orchard Lake, Michigan
In Orchard Lake, MI, property tax bills are calculated based on the assessed value of your home, which is typically half of the market value. Factors such as local tax rates, property size, and any applicable exemptions influence the final tax bill. For instance, homeowners in Orchard Lake with a median home price of $628,080 can expect varying tax bills depending on their property's specific characteristics. The 25th percentile tax bill stands at $5,223, while the 75th percentile reaches $21,989. For those at the higher end, the 90th percentile tax bill is a substantial $40,596. The highest median tax bill in the area is $9,449 in zip code 48324, compared to the lowest median tax bill of $8,072 in zip code 48323. These figures highlight the significant range in property tax obligations that homeowners may face, influenced by both the value of their property and the specific tax rates applied by local authorities.
Average Orchard Lake Tax Bill
$8,690
Average Oakland County Tax Bill
$3,833
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Orchard Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48323 | $4,713 | $5,914 | $8,072 | $13,738 | $36,891 |
| 48324 | $3,351 | $4,872 | $9,449 | $23,145 | $41,111 |
Source: Ownwell