Oakley, Michigan Property Taxes
The median property tax rate in Oakley, Michigan is 1.21%, notably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With a median home value of $120,400 in Oakley, the typical annual property tax bill amounts to $1,446, surpassing the national median of $2,690. Property taxes in Oakley are determined based on the assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Gaining a thorough understanding of Oakley's property tax system, exploring available exemptions, and identifying potential opportunities for reductions can lead to significant annual savings. Whether you're residing in the heart of Oakley or another part of Shiawassee County, a comprehensive grasp of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oakley, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$1,457
Ownwell’s Oakley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oakley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oakley 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 Oakley, Michigan
Property taxes in Oakley, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakley is 1.21%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Oakley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oakley 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 Oakley's effective property tax rate to other areas in Michigan and the national median. For comparison, the 48649 zip code has the highest median property tax rate of 1.21%, while the same zip code also has the lowest median tax rate of 1.21%. Understanding how these cities compare with Oakley provides valuable insights into the varying tax landscape across Shiawassee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oakley Tax Rate
1.21%
Average Shiawassee County Tax Rate
1.23%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oakley, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48649 | 1.00% | 1.14% | 1.21% | 1.24% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Oakley, Michigan
In Oakley, 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 Shiawassee 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 Oakley, 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 Oakley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price is $120,400, with tax bills ranging from $1,154 at the 25th percentile to $2,287 at the 90th percentile. The zip code with the highest and lowest median tax bill is 48649, both at $1,446.
Average Oakley Assessed Value
$120,400
Average Shiawassee County Assessed Value
$142,800
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oakley, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48649 | $94,760 | $102,000 | $120,400 | $176,800 | $183,040 |
Source: Ownwell
Property Tax Bills Across Oakley, Michigan
In Oakley, located in Shiawassee County, MI, property tax bills are calculated based on the assessed value of a home, which is typically half of its market value. For instance, a home with a median market price of $120,400 would have an assessed value of approximately $60,200. The property tax rate is then applied to this assessed value to determine the tax bill. Several factors influence this calculation, including local tax rates and any applicable exemptions or deductions. Homeowners in Oakley might see a range of tax bills, reflecting the variability in property values and tax rates. The 25th percentile tax bill is around $1,154, while the 75th percentile tax bill is approximately $1,660. At the higher end, the 90th percentile tax bill can reach up to $2,287. Comparatively, the national median property tax rate is 0.99%, making it essential for homeowners to understand how these local factors impact their annual tax obligations. This variability underscores the importance of accurate property assessments and awareness of potential exemptions.
Average Oakley Tax Bill
$1,446
Average Shiawassee County Tax Bill
$1,816
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Oakley, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48649 | $1,064 | $1,154 | $1,446 | $1,660 | $2,287 |
Source: Ownwell