Commerce Township, Michigan Property Taxes
The median property tax rate in Commerce Township, MI is 1.13%, higher than both the national median of 0.99% and Michigan's state median of 1.07%. With a median home value of $334,350 in Commerce Township, the typical annual property tax bill reaches $3,825, surpassing the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Commerce 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 Commerce 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
Commerce Township, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.13%
Estimate Property Tax Bill
$3,778
$3,506
Ownwell’s Commerce Township Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Commerce Township with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Commerce Township 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 Commerce Township, Michigan
Property taxes in Commerce Township, Michigan, are crucial for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Commerce Township is 1.13%, which is higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Commerce Township set these rates annually, and they can vary significantly across different neighborhoods. Each year, Commerce 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 Commerce Township's effective property tax rate to other areas in Oakland County and the national median. For comparison, the 48382 zip code has the highest median property tax rate of 1.14%, while the 48390 zip code has the lowest median tax rate of 1.09%. Understanding how these areas compare with Commerce 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 Commerce Township Tax Rate
1.13%
Average Oakland County Tax Rate
1.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Commerce Township, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48382 | 0.87% | 0.99% | 1.14% | 1.37% | 1.52% |
| 48390 | 0.85% | 0.91% | 1.09% | 1.35% | 1.50% |
Source: Ownwell
Property Tax Assessment Values Across Commerce Township, Michigan
In Commerce 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 Commerce 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 $334,350, with tax bills ranging widely. For instance, the highest median tax bill is $4,168 in zip code 48382, while the lowest median tax bill is $3,276 in zip code 48390. 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 Commerce Township helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Commerce Township, Michigan
Source: Ownwell
$64,640
$936,355
$1,808,070
Average Commerce Township Assessed Value
$334,350
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 Commerce Township, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48382 | $187,584 | $249,665 | $363,090 | $481,985 | $617,082 |
| 48390 | $175,800 | $237,570 | $295,830 | $371,425 | $471,878 |
Source: Ownwell
Property Tax Bills Across Commerce Township, Michigan
In Commerce Township, Oakland County, MI, property tax bills are calculated based on the assessed value of a property, which is typically 50% of its market value. For example, with a median home price of $334,350, the assessed value would be approximately $167,175. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property location within specific ZIP codes can influence tax amounts. In ZIP code 48382, the highest median tax bill is $4,168, while in ZIP code 48390, the lowest median tax bill is $3,276. Homeowners in the 25th percentile can expect a tax bill around $2,639, whereas those in the 75th percentile may see bills up to $5,419. At the 90th percentile, tax bills can reach $7,303. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. Understanding these factors helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Commerce Township Tax Bill
$3,825
Average Oakland County Tax Bill
$3,833
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Commerce Township, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48382 | $2,004 | $2,783 | $4,168 | $5,856 | $7,743 |
| 48390 | $1,955 | $2,456 | $3,276 | $4,284 | $5,999 |
Source: Ownwell