Holly, Michigan Property Taxes
The median property tax rate in Holly, MI is 1.06%, slightly higher than the national median of 0.99% but just below the Michigan state median of 1.07%. With the median home value in Holly at $247,960, the typical annual property tax bill reaches $2,647, which is above the national median of $2,690. Property taxes in Holly are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Holly'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 Holly 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
Holly, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$2,628
Ownwell’s Holly Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Holly with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Holly to provide an estimate of your property tax bill. This valuable tool offers clarity on potential tax liabilities, helping you make informed decisions. For those interested in more granular trends, further localized information is available below. Your property’s assessed value is determined by the county for tax calculations and includes any applicable exemptions.
Property Tax Rates Across Holly, Michigan
Property taxes in Holly, Michigan, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Holly is 1.06%, which is higher than the U.S. national median of 0.99%. Local government entities within Holly set these rates annually, and they can vary significantly across different neighborhoods. Each year, Holly 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 Holly's effective property tax rate to other counties in Michigan and the national median. For comparison, the zip code 48442 has both the highest and lowest median property tax rate of 1.06%. Understanding how these cities compare with Holly 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 Holly Tax Rate
1.06%
Average Oakland County Tax Rate
1.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Holly, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48442 | 0.77% | 0.87% | 1.06% | 1.35% | 1.66% |
Source: Ownwell
Property Tax Assessment Values Across Holly, Michigan
In Holly, 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 Holly, 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 Holly helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Holly is $2,647 in the 48442 zip code, while the lowest median tax bill is also $2,647 in the same zip code.
Average Holly Assessed Value
$247,960
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 Holly, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48442 | $134,100 | $173,820 | $247,960 | $332,030 | $454,776 |
Source: Ownwell
Property Tax Bills Across Holly, Michigan
In Holly, located in Oakland County, MI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For example, with a median home price of $247,960, homeowners can expect to pay varying amounts depending on their property's assessed value and specific circumstances. Several factors influence the final tax bill, including the property's location within the city, any applicable exemptions, and the specific tax rates set by local authorities. In Holly, the property tax bills can range significantly, with the 25th percentile at $1,928 and the 75th percentile at $3,661, while the 90th percentile can reach up to $4,990. These figures highlight the variability in tax obligations among homeowners. Compared to the national median property tax rate of 0.99%, Holly's property taxes reflect the local economic conditions and funding needs, directly impacting homeowners' annual financial planning.
Average Holly Tax Bill
$2,647
Average Oakland County Tax Bill
$3,833
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Holly, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48442 | $1,457 | $1,928 | $2,647 | $3,661 | $4,990 |
Source: Ownwell