Madison Heights, Michigan Property Taxes
The median property tax rate in Madison Heights, MI is 1.41%, significantly higher than both the national median of 0.99% and Michigan's state median of 1.07%. With the median home value in Madison Heights at $169,060, the typical annual property tax bill reaches $2,470, slightly below the national median of $2,690. Property taxes in Madison Heights are determined based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Madison Heights' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Madison Heights 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
Madison Heights, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.41%
Estimate Property Tax Bill
$2,384
$2,212
Ownwell’s Madison Heights Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Madison Heights with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Madison Heights 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 Madison Heights, Michigan
Property taxes in Madison Heights, Michigan, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Madison Heights is 1.41%, significantly higher than the U.S. national median of 0.99%. Local government entities within Madison Heights set these rates annually, and they can vary significantly across different neighborhoods. Each year, Madison Heights 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 Madison Heights' effective property tax rate to other areas in Oakland County and the national median. For comparison, the 48071 zip code has the highest median property tax rate of 1.41%, while the same zip code also has the lowest median tax rate of 1.41%. Understanding how these areas compare with Madison Heights 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 Madison Heights Tax Rate
1.41%
Average Oakland County Tax Rate
1.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Madison Heights, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48071 | 0.92% | 1.18% | 1.41% | 1.92% | 2.49% |
Source: Ownwell
Property Tax Assessment Values Across Madison Heights, Michigan
In Madison Heights, 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 Madison Heights, 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. Madison Heights has a median home price of $169,060, with the 25th percentile tax bill at $1,672 and the 75th percentile at $3,356. The highest median tax bill is $2,470 in zip code 48071. 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 Madison Heights, Michigan
Source: Ownwell
$64,640
$936,355
$1,808,070
Average Madison Heights Assessed Value
$169,060
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 Madison Heights, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48071 | $107,126 | $134,760 | $169,060 | $194,665 | $227,394 |
Source: Ownwell
Property Tax Bills Across Madison Heights, Michigan
In Madison Heights, 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's office. The assessed value is typically a percentage of the property's market value. Homeowners in Madison Heights can expect their tax bill to be influenced by several factors, including the property's assessed value, the local tax rate, and any applicable exemptions or deductions. The median home price in Madison Heights is $169,060, and property tax bills can vary significantly. For example, the tax bill at the 25th percentile is approximately $1,672, while at the 75th percentile, it reaches about $3,356. At the 90th percentile, homeowners might see a tax bill as high as $4,628. The median property tax bill in the area is $2,470, which is higher than the national median property tax rate of 0.99%. These tax bills can significantly impact homeowners, affecting their overall housing costs and potentially influencing decisions regarding home improvements, refinancing, or even moving. Understanding how these factors interplay is crucial for effective financial planning and homeownership in Madison Heights.
Average Madison Heights Tax Bill
$2,470
Average Oakland County Tax Bill
$3,833
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Madison Heights, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48071 | $1,206 | $1,672 | $2,470 | $3,356 | $4,628 |
Source: Ownwell