W Bloomfld Tw, Michigan Property Taxes
The median property tax rate in W BLOOMFLD TW, MI is 1.46%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in W BLOOMFLD TW, the typical annual property tax bill reaches $8,697, exceeding the national median of $2,690. Property taxes in W BLOOMFLD TW 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 W BLOOMFLD TW'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 W BLOOMFLD TW 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
W Bloomfld Tw, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.46%
Estimate Property Tax Bill
$8,048
Ownwell’s W BLOOMFLD TW Property Tax Bill Calculator offers homeowners, real estate investors, and potential buyers a quick and easy way to estimate their annual property taxes in W BLOOMFLD TW. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in W BLOOMFLD TW to provide an accurate property tax bill estimate. This valuable tool helps you anticipate potential tax liabilities with ease. For those interested in more detailed insights, including neighborhood-level trends, further information is available below. Your property’s assessed value is determined by Oakland County for tax purposes and includes any applicable exemptions.
Property Tax Rates Across W Bloomfld Tw, Michigan
Property taxes in W Bloomfld Tw, Michigan, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in W Bloomfld Tw is 1.46%, significantly higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within W Bloomfld Tw set these rates annually, and they can vary significantly across different neighborhoods. Each year, W Bloomfld Tw 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 W Bloomfld Tw's effective property tax rate to other regions in Oakland County and the national median. For comparison, the zip code 48328 within Oakland County has the highest median property tax rate of 1.46%, while the same zip code also has the lowest median tax rate of 1.46%. Understanding how these areas compare with W Bloomfld Tw provides valuable insights into the varying tax landscape across the county, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average W Bloomfld Tw Tax Rate
1.46%
Average Oakland County Tax Rate
1.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across W Bloomfld Tw, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48328 | 0.90% | 1.23% | 1.46% | 1.58% | 1.76% |
Source: Ownwell
Property Tax Assessment Values Across W Bloomfld Tw, Michigan
In W Bloomfld Tw, 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 W Bloomfld Tw, 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 W Bloomfld Tw helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $8697, found in zip code 48328.
Property Tax Assessment Values Across W Bloomfld Tw, Michigan
Source: Ownwell
$64,640
$936,355
$1,808,070
Average W Bloomfld Tw Assessed Value
$551,260
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 W Bloomfld Tw, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48328 | $126,752 | $363,920 | $551,260 | $750,020 | $1,144,536 |
Source: Ownwell
Property Tax Bills Across W Bloomfld Tw, Michigan
In W Bloomfld Tw, located in Oakland County, MI, property tax bills are calculated based on the assessed value of a home, which is typically 50% of its market value. For instance, with a median home price of $551,260, the assessed value would be approximately $275,630. This assessed value is then multiplied by the local tax rate to determine the tax bill. Several factors influence this calculation, including property size, location, and any applicable exemptions or abatements. Homeowners in W Bloomfld Tw can expect tax bills ranging from the 25th percentile at $5,237 to the 75th percentile at $10,870, with the 90th percentile reaching up to $16,671. These property taxes fund essential local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, the rates in W Bloomfld Tw can result in significantly higher tax bills, impacting homeowners' annual expenses. Understanding these factors helps homeowners manage their financial planning effectively.
Average W Bloomfld Tw Tax Bill
$8,697
Average Oakland County Tax Bill
$3,833
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across W Bloomfld Tw, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48328 | $1,145 | $5,237 | $8,697 | $10,870 | $16,671 |
Source: Ownwell