Southfield, Michigan Property Taxes
The median property tax rate in Southfield, MI is 1.60%, significantly higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Southfield at $189,220, the typical annual property tax bill reaches $3,158, exceeding the national median of $2,690. Property taxes in Southfield 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 Southfield'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 Southfield 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
Southfield, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.6%
Estimate Property Tax Bill
$3,028
Ownwell’s Southfield Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Southfield with just two data points. By entering your property's estimated assessed value, the calculator utilizes the median tax rate in Southfield to provide an estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available as you scroll down. Your property’s assessed value is determined by the county for tax calculations and includes any applicable exemptions.
Property Tax Rates Across Southfield, Michigan
Property taxes in Southfield, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Southfield is 1.60%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Southfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Southfield 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 Southfield's effective property tax rate to other areas in Oakland County and the national median. For comparison, the 48034 zip code has the highest median property tax rate of 1.68%, while the 48076 zip code has the lowest median tax rate of 1.55%. Understanding how these areas compare with Southfield 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 Southfield Tax Rate
1.60%
Average Oakland County Tax Rate
1.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Southfield, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48033 | 1.21% | 1.35% | 1.58% | 2.10% | 2.90% |
| 48034 | 1.32% | 1.46% | 1.68% | 2.37% | 2.96% |
| 48075 | 1.27% | 1.42% | 1.62% | 2.23% | 2.99% |
| 48076 | 1.27% | 1.37% | 1.55% | 2.10% | 2.73% |
Source: Ownwell
Property Tax Assessment Values Across Southfield, Michigan
In Southfield, 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 Southfield, 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. For instance, the median home price in Southfield is $189,220, with tax bills ranging from $2,217 at the 25th percentile to $5,845 at the 90th percentile. The highest median tax bill is $3,589 in zip code 48034, while the lowest median tax bill is $2,811 in zip code 48033. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Southfield Assessed Value
$189,220
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 Southfield, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48033 | $81,300 | $118,155 | $168,470 | $219,745 | $268,518 |
| 48034 | $107,180 | $124,580 | $208,700 | $293,440 | $347,430 |
| 48075 | $76,260 | $124,230 | $172,580 | $219,150 | $259,032 |
| 48076 | $121,180 | $162,515 | $217,430 | $257,550 | $287,720 |
Source: Ownwell
Property Tax Bills Across Southfield, Michigan
In Southfield, property tax bills are calculated based on the assessed value of a home, which is determined by the Oakland County assessor's office. This assessed value typically represents 50% of the property's market value. For instance, with a median home price of $189,220, the assessed value would be approximately $94,610. The local tax rate is then applied to this assessed value to determine the tax bill. Several factors influence the final tax bill, including the property's location within specific ZIP codes. For example, ZIP code 48034 has the highest median tax bill at $3,589, while ZIP code 48033 has the lowest at $2,811. Homeowners in Southfield can expect their tax bills to vary significantly, with the 25th percentile at $2,217 and the 75th percentile at $4,276. At the 90th percentile, tax bills can reach up to $5,845. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for Southfield residents.
Average Southfield Tax Bill
$3,158
Average Oakland County Tax Bill
$3,833
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Southfield, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48033 | $1,257 | $1,816 | $2,811 | $4,011 | $5,595 |
| 48034 | $1,724 | $2,151 | $3,589 | $5,313 | $7,247 |
| 48075 | $1,311 | $2,093 | $2,917 | $3,941 | $5,277 |
| 48076 | $1,942 | $2,618 | $3,468 | $4,497 | $5,992 |
Source: Ownwell