Lake Orion, Michigan Property Taxes
The median property tax rate in Lake Orion, MI is 1.30%, 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 Orion at $308,870, the typical annual property tax bill reaches $3,974, exceeding the national median of $2,690. Property taxes in Lake Orion 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 Orion'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 Orion 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 Orion, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.3%
Estimate Property Tax Bill
$4,015
Ownwell’s Lake Orion Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Orion with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Orion 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 Orion, Michigan
Property taxes in Lake Orion, Michigan, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Orion is 1.30%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Lake Orion set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Orion 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 Orion's effective property tax rate to other areas in Oakland County and the national median. For comparison, the 48359 zip code has the highest median property tax rate of 1.33%, while the 48360 zip code has the lowest median tax rate of 1.29%. Understanding how these areas compare with Lake Orion 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 Orion Tax Rate
1.30%
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 Orion, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48359 | 0.85% | 1.05% | 1.33% | 1.57% | 1.64% |
| 48360 | 0.96% | 1.04% | 1.29% | 1.52% | 1.64% |
| 48362 | 0.91% | 1.05% | 1.29% | 1.57% | 1.82% |
Source: Ownwell
Property Tax Assessment Values Across Lake Orion, Michigan
In Lake Orion, 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 Lake Orion, 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 Lake Orion helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $4,185 in the 48360 zip code, while the lowest is $3,814 in the 48362 zip code.
Average Lake Orion Assessed Value
$308,870
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 Orion, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48359 | $161,998 | $199,275 | $308,430 | $433,480 | $512,052 |
| 48360 | $149,374 | $250,090 | $327,060 | $430,070 | $556,460 |
| 48362 | $155,118 | $199,905 | $286,290 | $429,630 | $609,966 |
Source: Ownwell
Property Tax Bills Across Lake Orion, Michigan
In Lake Orion, located in Oakland County, MI, property tax bills are calculated based on the assessed value of a home, which is typically 50% of its market value. For instance, with a median home price of $308,870, the assessed value would be approximately $154,435. The local tax rate is then applied to this assessed value to determine the annual tax bill. Homeowners in Lake Orion experience a range of property tax bills, with the 25th percentile paying around $2,640, while those in the 75th percentile face bills up to $5,967. The highest median tax bill in the area is $4,185 in the 48360 zip code, whereas the lowest is $3,814 in the 48362 zip code. These figures are influenced by various factors, including local government budgets, school district funding, and community services. Compared to the national median property tax rate of 0.99%, Lake Orion's property taxes significantly affect homeowners, impacting their overall cost of living and financial planning.
Average Lake Orion Tax Bill
$3,974
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 Orion, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48359 | $1,630 | $2,426 | $3,845 | $6,162 | $7,774 |
| 48360 | $2,076 | $2,946 | $4,185 | $5,975 | $7,894 |
| 48362 | $1,902 | $2,526 | $3,814 | $5,839 | $8,384 |
Source: Ownwell