Waterford, Michigan Property Taxes
The median property tax rate in Waterford, MI is 1.17%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Waterford, the typical annual property tax bill reaches $2,497, just below the national median of $2,690. Property taxes in Waterford 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 Waterford'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 Waterford 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
Waterford, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$2,422
Ownwell’s Waterford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Waterford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Waterford 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 Waterford, Michigan
Property taxes in Waterford, Michigan, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Waterford is 1.17%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Waterford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Waterford 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 Waterford's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48329 zip code has the highest median property tax rate of 1.20%, while the 48328 zip code has the lowest median tax rate of 1.15%. Understanding how these cities compare with Waterford 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 Waterford Tax Rate
1.17%
Average Oakland County Tax Rate
1.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Waterford, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48327 | 0.87% | 0.98% | 1.17% | 1.55% | 1.71% |
| 48328 | 0.78% | 0.92% | 1.15% | 1.52% | 1.73% |
| 48329 | 0.88% | 0.99% | 1.20% | 1.53% | 1.70% |
Source: Ownwell
Property Tax Assessment Values Across Waterford, Michigan
In Waterford, 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 Waterford, 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 Waterford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in Waterford is $2,690 in the 48329 zip code, while the lowest is $2,216 in the 48328 zip code.
Average Waterford Assessed Value
$207,040
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 Waterford, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48327 | $131,640 | $168,800 | $212,520 | $268,700 | $320,720 |
| 48328 | $114,824 | $148,940 | $186,560 | $252,610 | $401,888 |
| 48329 | $144,060 | $177,300 | $220,900 | $287,020 | $417,740 |
Source: Ownwell
Property Tax Bills Across Waterford, Michigan
In Waterford, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the Oakland County Assessor. The assessed value typically represents 50% of the market value. The tax rate, or millage rate, is then applied to this assessed value. Homeowners in Waterford face varying tax bills, with the 25th percentile at $1,835 and the 75th percentile at $3,596. For those in the 90th percentile, tax bills can reach up to $5,230. The median home price in Waterford is $207,040, which provides a benchmark for understanding these tax bills. Compared to the national median property tax rate of 0.99%, Waterford's property taxes can be relatively high, affecting homeowners' annual budgets significantly. Zip code 48329 has the highest median tax bill at $2,690, while 48328 has the lowest at $2,216. These figures illustrate the variability in property taxes within different areas of Waterford, impacting homeowners differently based on their property's location and assessed value.
Average Waterford Tax Bill
$2,497
Average Oakland County Tax Bill
$3,833
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Waterford, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48327 | $1,435 | $1,910 | $2,556 | $3,478 | $4,637 |
| 48328 | $1,151 | $1,589 | $2,216 | $3,285 | $5,384 |
| 48329 | $1,590 | $2,015 | $2,690 | $3,892 | $5,628 |
Source: Ownwell