Lake Angelus, Michigan Property Taxes
The median property tax rate in Lake Angelus, MI is 1.16%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Lake Angelus at $1,285,420, the typical annual property tax bill reaches $15,447, exceeding the national median of $2,690. Property taxes in Lake Angelus 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 Lake Angelus'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 Lake Angelus 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
Lake Angelus, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$14,911
$13,837
Ownwell’s Lake Angelus Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Angelus with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Angelus 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 Lake Angelus, Michigan
Property taxes in Lake Angelus, Michigan, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Angelus is 1.16%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Lake Angelus set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Angelus 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 Lake Angelus's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48326 zip code has the highest median property tax rate of 1.16%, while the 48326 zip code has the lowest median tax rate of 1.16%. Understanding how these cities compare with Lake Angelus 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 Lake Angelus Tax Rate
1.16%
Average Oakland County Tax Rate
1.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Angelus, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48326 | 0.80% | 0.94% | 1.16% | 1.45% | 1.72% |
Source: Ownwell
Property Tax Assessment Values Across Lake Angelus, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lake Angelus, Michigan. 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 Lake Angelus, 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. For instance, the highest median tax bill in zip code 48326 is $15,447, while the lowest median tax bill is also $15,447. 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 Lake Angelus, Michigan
Source: Ownwell
$64,640
$936,355
$1,808,070
Average Lake Angelus Assessed Value
$1,285,420
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 Lake Angelus, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48326 | $291,764 | $976,535 | $1,285,420 | $1,710,650 | $2,377,034 |
Source: Ownwell
Property Tax Bills Across Lake Angelus, Michigan
In Lake Angelus, located in Oakland County, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the market value of the property. For example, with a median home price of $1,285,420, homeowners can expect significant tax bills. The tax rate in this area is applied to the assessed value to determine the annual property tax bill. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. For instance, Lake Angelus has a wide range in tax bills, with the 25th percentile at $9,312 and the 90th percentile reaching up to $29,379. This variation highlights how different factors can significantly impact the tax amount. Homeowners in Lake Angelus should be aware that their property tax bills can be substantially higher than the national median property tax rate of 0.99%, potentially affecting their overall financial planning and home affordability.
Average Lake Angelus Tax Bill
$15,447
Average Oakland County Tax Bill
$3,833
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Angelus, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48326 | $3,298 | $9,312 | $15,447 | $22,023 | $29,379 |
Source: Ownwell