Leonard, Michigan Property Taxes
The median property tax rate in Leonard, MI is 1.21%, significantly higher than both the national median of 0.99% and Michigan's state median of 1.07%. With a median home value of $367,960 in Leonard, the typical annual property tax bill reaches $4,391, surpassing the national median of $2,690. Property taxes in Leonard are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Leonard's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Leonard or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Leonard, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$4,452
Ownwell’s Leonard Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Leonard with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Leonard 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 Leonard, Michigan
Property taxes in Leonard, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Leonard is 1.21%, significantly higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Leonard set these rates annually, and they can vary significantly across different neighborhoods. Each year, Leonard 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 Leonard's effective property tax rate to other areas in Michigan and the national median. For comparison, the zip code 48367 has the highest median property tax rate of 1.21%, while the same zip code also has the lowest median tax rate of 1.21%. Understanding how these areas compare with Leonard 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 Leonard Tax Rate
1.21%
Average Oakland County Tax Rate
1.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Leonard, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48367 | 0.91% | 1.03% | 1.21% | 1.50% | 1.77% |
Source: Ownwell
Property Tax Assessment Values Across Leonard, Michigan
In Leonard, 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 Leonard, 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 Leonard helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 48367, with a median tax bill of $4,391.
Average Leonard Assessed Value
$367,960
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 Leonard, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48367 | $149,804 | $245,820 | $367,960 | $501,920 | $676,692 |
Source: Ownwell
Property Tax Bills Across Leonard, Michigan
In Leonard, MI, property tax bills are calculated based on the assessed value of a property, which is determined by the Oakland County Assessor's Office. The assessed value typically represents 50% of the property's market value. For example, with a median home price of $367,960, the assessed value would be approximately $183,980. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including local levies for schools, infrastructure, and public services. In Leonard, the tax bill for the 25th percentile is $3,185, while the 75th percentile sees a tax bill of $6,153, and the 90th percentile reaches $8,441. These figures indicate a range of tax burdens depending on property values and specific local levies. Homeowners in Leonard can expect their property taxes to impact their annual budget significantly. With the highest median tax bill in the area at $4,391, it is crucial for homeowners to understand how these taxes are calculated and what factors contribute to their overall tax liability.
Average Leonard Tax Bill
$4,391
Average Oakland County Tax Bill
$3,833
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Leonard, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48367 | $2,097 | $3,185 | $4,391 | $6,153 | $8,441 |
Source: Ownwell