Milford, Livingston County, Michigan Property Taxes
The median property tax rate in Milford, MI is 0.88%, which is lower than both the national median of 0.99% and Michigan's state median of 1.07%. With the median home value in Milford at $468,400, the typical annual property tax bill reaches $4,100, surpassing the national median of $2,690. Property taxes in Milford are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Milford'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 Milford 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
Milford, Livingston County, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$4,122
$3,825
Ownwell’s Milford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milford 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 Milford, Livingston County, Michigan
Property taxes in Milford, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milford is 0.88%, slightly below the U.S. national median of 0.99%. Local government entities within Milford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milford 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 Milford's effective property tax rate to other areas in Michigan and the national median. For comparison, the 48380 zip code has both the highest and lowest median property tax rate of 0.88%. Understanding how these cities compare with Milford provides valuable insights into the varying tax landscape across Livingston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milford Tax Rate
0.88%
Average Livingston County Tax Rate
0.91%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milford, Livingston County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48380 | 0.74% | 0.81% | 0.88% | 1.00% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Milford, Livingston County, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Milford, Michigan. 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 Livingston 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 Milford, 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 Milford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 48380, with a tax bill of $4,100.
Property Tax Assessment Values Across Milford, Livingston County, Michigan
Source: Ownwell
$181,400
$324,900
$468,400
Average Milford Assessed Value
$468,400
Average Livingston County Assessed Value
$315,781
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milford, Livingston County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48380 | $277,000 | $347,300 | $468,400 | $591,600 | $761,300 |
Source: Ownwell
Property Tax Bills Across Milford, Livingston County, Michigan
In Milford, MI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $468,400, homeowners can expect their tax bills to vary significantly. The 25th percentile tax bill is around $2,940, while those at the 75th percentile pay approximately $5,740. For the top 10% of homes, tax bills can reach up to $7,355. Several factors influence these tax bills, including the property's location within the county, any applicable exemptions, and the local tax rate. Compared to the national median property tax rate of 0.99%, Milford's rates can have a substantial impact on homeowners' annual expenses. Understanding how these elements interplay helps homeowners anticipate their financial obligations and plan accordingly.
Average Milford Tax Bill
$4,100
Average Livingston County Tax Bill
$2,949
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Milford, Livingston County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48380 | $2,248 | $2,940 | $4,100 | $5,740 | $7,355 |
Source: Ownwell