Keego Harbor, Michigan Property Taxes
The median property tax rate in Keego Harbor, MI is 1.44%, which is significantly higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Keego Harbor at $168,920, the typical annual property tax bill reaches $2,624, slightly below the national median of $2,690. Property taxes in Keego Harbor 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 Keego Harbor'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 Keego Harbor or another part of Oakland County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Keego Harbor, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.44%
Estimate Property Tax Bill
$2,432
Ownwell’s Keego Harbor Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Keego Harbor with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Keego Harbor 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 Keego Harbor, Michigan
Property taxes in Keego Harbor, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Keego Harbor is 1.44%, which is higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Keego Harbor set these rates annually, and they can vary significantly across different neighborhoods. Each year, Keego Harbor 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 Keego Harbor's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48320 zip code has the highest median property tax rate of 1.44%, while the same zip code also has the lowest median tax rate of 1.44%. Understanding how these cities compare with Keego Harbor 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 Keego Harbor Tax Rate
1.44%
Average Oakland County Tax Rate
1.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Keego Harbor, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48320 | 0.97% | 1.11% | 1.44% | 1.76% | 2.11% |
Source: Ownwell
Property Tax Assessment Values Across Keego Harbor, Michigan
In Keego Harbor, 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 Keego Harbor, 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. The median home price in Keego Harbor is $168,920, with tax bills ranging from $1,828 at the 25th percentile to $6,574 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 48320, at $2,624. 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 Keego Harbor, Michigan
Source: Ownwell
$64,640
$936,355
$1,808,070
Average Keego Harbor Assessed Value
$168,920
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 Keego Harbor, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48320 | $115,060 | $127,300 | $168,920 | $289,460 | $521,000 |
Source: Ownwell
Property Tax Bills Across Keego Harbor, Michigan
In Keego Harbor, located in Oakland County, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. The assessed value is typically a percentage of the market value of the property. Homeowners in Keego Harbor experience a range of tax bills, influenced by factors such as the property's location, size, and condition. For instance, the tax bill at the 25th percentile is $1,828, while at the 75th percentile, it reaches $4,115. At the higher end, the 90th percentile tax bill is $6,574. The median home price in Keego Harbor is $168,920, with the highest and lowest median tax bills both recorded at $2,624 in the 48320 zip code. Compared to the national median property tax rate of 0.99%, homeowners in Keego Harbor face varying tax obligations that can significantly impact their annual expenses. Understanding these factors can help homeowners better anticipate their property tax responsibilities.
Average Keego Harbor Tax Bill
$2,624
Average Oakland County Tax Bill
$3,833
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Keego Harbor, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48320 | $1,263 | $1,828 | $2,624 | $4,115 | $6,574 |
Source: Ownwell