Milford, Michigan Property Taxes
The median property tax rate in Milford, MI is 1.27%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Milford at $358,700, the typical annual property tax bill reaches $4,713, exceeding the national median of $2,690. Property taxes in Milford 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 Milford'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 Milford 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
Milford, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.27%
Estimate Property Tax Bill
$4,555
Ownwell’s Milford Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Milford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milford to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in exploring trends at a neighborhood level, more localized information is available below. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Milford, Michigan
Property taxes in Milford, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milford is 1.27%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Milford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milford 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 Milford's effective property tax rate to other areas in Michigan and the national median. For comparison, the 48381 zip code has the highest median property tax rate of 1.31%, while the 48380 zip code has the lowest median tax rate of 1.21%. Understanding how these areas compare with Milford 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 Milford Tax Rate
1.27%
Average Oakland County Tax Rate
1.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milford, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48380 | 0.93% | 1.04% | 1.21% | 1.46% | 1.59% |
| 48381 | 0.99% | 1.11% | 1.31% | 1.65% | 1.89% |
Source: Ownwell
Property Tax Assessment Values Across Milford, Michigan
In Milford, 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 Milford, 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 Milford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in the area is $4,812 in zip code 48380, while the lowest is $4,699 in zip code 48381.
Average Milford Assessed Value
$358,700
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 Milford, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48380 | $165,000 | $263,370 | $406,980 | $596,865 | $773,040 |
| 48381 | $204,944 | $252,730 | $349,480 | $450,070 | $579,712 |
Source: Ownwell
Property Tax Bills Across Milford, Michigan
In Milford, located in Oakland County, MI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For example, with a median home price of $358,700, the assessed value is determined by local tax assessors. This value is then multiplied by the local tax rate to calculate the annual property tax bill. Homeowners in Milford can expect a wide range of tax bills depending on their property’s value. The 25th percentile tax bill is around $3,364, while those in the 75th percentile pay approximately $6,707. High-value properties might see tax bills reaching up to $9,213 at the 90th percentile. The highest median tax bill in the area is $4,812 in the 48380 zip code, while the lowest is $4,699 in the 48381 zip code. These taxes fund essential public services, impacting homeowners by contributing to local infrastructure, schools, and emergency services.
Average Milford Tax Bill
$4,713
Average Oakland County Tax Bill
$3,833
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Milford, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48380 | $1,956 | $3,104 | $4,812 | $7,500 | $10,297 |
| 48381 | $2,474 | $3,431 | $4,699 | $6,414 | $8,590 |
Source: Ownwell