Berkley, Michigan Property Taxes
The median property tax rate in Berkley, MI is 1.36%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Berkley, the typical annual property tax bill reaches $3,565, exceeding the national median of $2,690. Property taxes in Berkley 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 Berkley'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 Berkley 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
Berkley, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.36%
Estimate Property Tax Bill
$3,413
$3,167
Ownwell’s Berkley Property Tax Bill Calculator enables homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Berkley with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Berkley to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax obligations. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by Oakland County for tax calculations, factoring in any applicable exemptions.
Property Tax Rates Across Berkley, Michigan
Property taxes in Berkley, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Berkley is 1.36%, higher than the U.S. national median of 0.99%. Local government entities within Berkley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Berkley 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 Berkley's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48072 zip code has the highest median property tax rate of 1.36%, while the same zip code has the lowest median tax rate of 1.36%. Understanding how these cities compare with Berkley 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 Berkley Tax Rate
1.36%
Average Oakland County Tax Rate
1.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Berkley, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48072 | 1.04% | 1.11% | 1.36% | 1.67% | 1.79% |
Source: Ownwell
Property Tax Assessment Values Across Berkley, Michigan
In Berkley, 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 Berkley, 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. The median home price in Berkley is $250,940, with tax bills ranging from $2,745 at the 25th percentile to $6,013 at the 90th percentile. The highest and lowest median tax bills are both $3,565 in the 48072 zip code. 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 Berkley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Berkley Assessed Value
$250,940
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 Berkley, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48072 | $202,360 | $223,180 | $250,940 | $300,420 | $400,880 |
Source: Ownwell
Property Tax Bills Across Berkley, Michigan
In Berkley, Oakland County, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This assessed value is a percentage of the market value of the property. The tax rate is then applied to this assessed value to determine the tax bill. For instance, with a median home price of $250,940, homeowners in Berkley can expect their property tax bills to vary significantly. At the 25th percentile, tax bills are around $2,745, while at the 75th percentile, they rise to approximately $4,578. For those at the 90th percentile, the tax bill can reach up to $6,013. The consistency in median tax bills across different areas of Berkley, all pegged at $3,565, reflects a stable tax environment. This system ensures that property taxes are proportionate to the value of the property, impacting homeowners by aligning their tax liabilities with the market value of their homes. Compared to the national median property tax rate of 0.99%, Berkley's rates are reflective of the region's property values and local fiscal policies.
Average Berkley Tax Bill
$3,565
Average Oakland County Tax Bill
$3,833
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Berkley, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48072 | $2,361 | $2,745 | $3,565 | $4,578 | $6,013 |
Source: Ownwell