Bloomfield Hills, Oakland County, Michigan Property Taxes
The median property tax rate in Bloomfield Hills, MI is 1.39%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Bloomfield Hills being $511,780, the typical annual property tax bill reaches $7,256, far exceeding the national median of $2,690. Property taxes in Bloomfield Hills 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 Bloomfield Hills' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Bloomfield Hills 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
Bloomfield Hills, Oakland County, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.39%
Estimate Property Tax Bill
$7,114
$6,601
Ownwell’s Bloomfield Hills Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bloomfield Hills with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bloomfield Hills 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 Bloomfield Hills, Oakland County, Michigan
Property taxes in Bloomfield Hills, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bloomfield Hills is 1.39%, significantly higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Bloomfield Hills set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bloomfield Hills 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 Bloomfield Hills' effective property tax rate to other areas in Oakland County and the national median. For comparison, the 48304 zip code has the highest median property tax rate of 1.39%, while the 48302 zip code has the lowest median tax rate of 1.38%. Understanding how these cities compare with Bloomfield Hills 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 Bloomfield Hills Tax Rate
1.39%
Average Oakland County Tax Rate
1.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bloomfield Hills, Oakland County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48301 | 1.04% | 1.19% | 1.39% | 1.65% | 1.82% |
| 48302 | 0.94% | 1.14% | 1.38% | 1.65% | 1.86% |
| 48304 | 0.96% | 1.13% | 1.39% | 1.68% | 1.83% |
Source: Ownwell
Property Tax Assessment Values Across Bloomfield Hills, Oakland County, Michigan
In Bloomfield Hills, 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 Equalization Department 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. 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. For example, the highest median tax bill in Bloomfield Hills is $8,131 in the 48301 zip code, while the lowest is $6,089 in the 48304 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Bloomfield Hills, Oakland County, Michigan
Source: Ownwell
$64,640
$675,030
$1,285,420
Average Bloomfield Hills Assessed Value
$511,780
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 Bloomfield Hills, Oakland County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48301 | $363,482 | $439,015 | $577,240 | $880,690 | $1,293,780 |
| 48302 | $226,280 | $388,420 | $555,320 | $863,760 | $1,456,812 |
| 48304 | $166,940 | $306,950 | $426,390 | $665,540 | $1,322,252 |
Source: Ownwell
Property Tax Bills Across Bloomfield Hills, Oakland County, Michigan
In Bloomfield Hills, located in Oakland County, MI, property tax bills are calculated based on the assessed value of a home, which is typically 50% of its market value. For example, with a median home price of $511,780, the assessed value would be approximately $255,890. The property tax rate is then applied to this assessed value. Factors such as local tax rates and any applicable exemptions or deductions influence the final tax bill. Homeowners in Bloomfield Hills experience a range of property tax bills. The 25th percentile tax bill is around $4,830, while the 75th percentile reaches $11,780. At the 90th percentile, tax bills can soar to $20,188. The highest median tax bill in the area is $8,131 in ZIP code 48301, while the lowest is $6,089 in ZIP code 48304. These figures highlight the significant impact property taxes can have on homeowners, especially when compared to the national median property tax rate of 0.99%.
Property Tax Bills Across Bloomfield Hills, Oakland County, Michigan
Source: Ownwell
$936
$8,192
$15,447
Average Bloomfield Hills Tax Bill
$7,256
Average Oakland County Tax Bill
$3,833
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Bloomfield Hills, Oakland County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48301 | $4,556 | $5,868 | $8,131 | $12,446 | $19,648 |
| 48302 | $2,686 | $4,941 | $7,876 | $12,840 | $20,941 |
| 48304 | $1,902 | $3,864 | $6,089 | $9,994 | $20,056 |
Source: Ownwell