Bloomfield Township, Michigan Property Taxes
The median property tax rate in Bloomfield Township, MI is 1.37%, 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 Township at $505,850, the typical annual property tax bill reaches $6,940, exceeding the national median of $2,690. Property taxes in Bloomfield Township 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 Township'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 Bloomfield Township 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 Township, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.37%
Estimate Property Tax Bill
$6,930
Ownwell’s Bloomfield Township Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Bloomfield Township with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bloomfield Township to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities and plan your finances accordingly. 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 Oakland County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Bloomfield Township, Michigan
Property taxes in Bloomfield Township, 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 Township is 1.37%, which is significantly higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Bloomfield Township set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bloomfield Township 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 Township's effective property tax rate to other counties in Michigan and the national median. For comparison, the zip code 48302 has the highest median property tax rate of 1.37%, while the same zip code also has the lowest median tax rate of 1.37%. Understanding how these rates compare with Bloomfield Township 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 Township Tax Rate
1.37%
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 Township, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48302 | 1.02% | 1.18% | 1.37% | 1.65% | 1.83% |
Source: Ownwell
Property Tax Assessment Values Across Bloomfield Township, Michigan
In Bloomfield Township, 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 Bloomfield Township, 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 here is $505,850, with tax bills ranging from $5,111 at the 25th percentile to $14,053 at the 90th percentile. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Bloomfield Township, Michigan
Source: Ownwell
$64,640
$936,355
$1,808,070
Average Bloomfield Township Assessed Value
$505,850
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 Township, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48302 | $266,814 | $344,785 | $505,850 | $637,410 | $998,134 |
Source: Ownwell
Property Tax Bills Across Bloomfield Township, Michigan
In Bloomfield Township, 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 a median home price of $505,850, the assessed value would be approximately $252,925. The local tax rate is then applied to this assessed value to determine the tax bill. Factors such as property location, improvements, and changes in the housing market can influence the assessed value, thereby affecting the tax bill. Homeowners in Bloomfield Township experience a range of tax bills. At the 25th percentile, tax bills are around $5,111, while at the 75th percentile, they reach $9,405. For those in the 90th percentile, tax bills can soar to $14,053. The highest median tax bill in the township is $6,940, found in the 48302 zip code. Compared to the national median property tax rate of 0.99%, homeowners in this region may find their tax obligations significantly impactful, influencing both their financial planning and property investment decisions.
Average Bloomfield Township Tax Bill
$6,940
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 Township, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48302 | $3,300 | $5,111 | $6,940 | $9,405 | $14,053 |
Source: Ownwell