Bingham Farms, Michigan Property Taxes
The median property tax rate in Bingham Farms, 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 Bingham Farms at $436,540, the typical annual property tax bill reaches $6,701, exceeding the national median of $2,690. Property taxes in Bingham Farms 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 Bingham Farms' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Bingham Farms 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
Bingham Farms, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.36%
Estimate Property Tax Bill
$5,937
$5,509
Ownwell’s Bingham Farms Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bingham Farms with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bingham Farms 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 Bingham Farms, Michigan
Property taxes in Bingham Farms, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bingham Farms is 1.36%, significantly higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Bingham Farms set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bingham Farms 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 Bingham Farms' effective property tax rate to other counties in Michigan and the national median. For comparison, the 48025 zip code has both the highest and lowest median property tax rate of 1.36%. Understanding how these cities compare with Bingham Farms 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 Bingham Farms 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 Bingham Farms, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48025 | 1.12% | 1.17% | 1.36% | 1.64% | 1.71% |
Source: Ownwell
Property Tax Assessment Values Across Bingham Farms, Michigan
In Bingham Farms, 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 Bingham Farms, 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 Bingham Farms helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Bingham Farms is $436,540, with median tax bills ranging from $5,200 to $17,471. The highest and lowest median tax bills are both $6,701 in the 48025 zip code.
Property Tax Assessment Values Across Bingham Farms, Michigan
Source: Ownwell
$64,640
$936,355
$1,808,070
Average Bingham Farms Assessed Value
$436,540
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 Bingham Farms, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48025 | $343,996 | $376,280 | $436,540 | $747,360 | $1,312,684 |
Source: Ownwell
Property Tax Bills Across Bingham Farms, Michigan
In Bingham Farms, located in Oakland County, MI, property tax bills are calculated based on the assessed value of your home, which is typically a percentage of its market value. For homeowners, this means that the higher the market value of their property, the higher their tax bill will be. The median home price in Bingham Farms is $436,540, and the tax bills can vary significantly. For instance, the 25th percentile tax bill is around $5,200, while the 75th percentile reaches $10,527. At the 90th percentile, homeowners might see tax bills as high as $17,471. The property tax rate in Bingham Farms is above the national median of 0.99%, reflecting the area's higher property values and local tax policies. Homeowners in the zip code 48025, which encompasses Bingham Farms, experience a median tax bill of $6,701. These taxes fund essential community services such as schools, public safety, and infrastructure, directly impacting the quality of life and property values in the region.
Average Bingham Farms Tax Bill
$6,701
Average Oakland County Tax Bill
$3,833
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Bingham Farms, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48025 | $4,246 | $5,200 | $6,701 | $10,527 | $17,471 |
Source: Ownwell