Ferndale, Michigan Property Taxes
The median property tax rate in Ferndale, MI is 1.61%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Ferndale at $203,180, the typical annual property tax bill reaches $3,342, exceeding the national median of $2,690. Property taxes in Ferndale 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 Ferndale'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 Ferndale 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
Ferndale, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.61%
Estimate Property Tax Bill
$3,271
Ownwell’s Ferndale Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ferndale with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ferndale 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 Ferndale, Michigan
Property taxes in Ferndale, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ferndale is 1.61%, significantly higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Ferndale set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ferndale 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 Ferndale's effective property tax rate to other counties in Michigan and the national median. For comparison, the zip code 48220 has the highest median property tax rate of 1.61%, while the same zip code also has the lowest median tax rate of 1.61%. Understanding how these cities compare with Ferndale 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 Ferndale Tax Rate
1.61%
Average Oakland County Tax Rate
1.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ferndale, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48220 | 1.08% | 1.25% | 1.61% | 2.28% | 2.61% |
Source: Ownwell
Property Tax Assessment Values Across Ferndale, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Ferndale, MI. 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 Ferndale, 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 Ferndale is $203,180, with tax bills ranging from $2,294 at the 25th percentile to $6,628 at the 90th percentile. Both the highest and lowest median tax bills in Ferndale are $3,342, found in the zip code 48220. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Ferndale Assessed Value
$203,180
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 Ferndale, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48220 | $129,784 | $161,480 | $203,180 | $256,930 | $325,436 |
Source: Ownwell
Property Tax Bills Across Ferndale, Michigan
Property tax bills in Ferndale, located in Oakland County, MI, are calculated based on the assessed value of a property, which is typically 50% of its market value. With a median home price of $203,180, homeowners in Ferndale can expect their property tax bills to be influenced by various factors including local tax rates and any applicable exemptions. The median property tax rate in Michigan is 1.54%, significantly higher than the national median of 0.99%. For homeowners, this translates to a range of tax bills: the 25th percentile tax bill is $2,294, while the 75th percentile reaches $4,897, and the 90th percentile can be as high as $6,628. The highest median tax bill in Ferndale is recorded at $3,342. These property taxes fund essential community services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. The relatively high tax rate in Ferndale makes understanding and potentially appealing property assessments crucial for homeowners looking to manage their expenses effectively.
Average Ferndale Tax Bill
$3,342
Average Oakland County Tax Bill
$3,833
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Ferndale, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48220 | $1,768 | $2,294 | $3,342 | $4,897 | $6,628 |
Source: Ownwell