Novi, Michigan Property Taxes
The median property tax rate in Novi, MI is 1.38%, considerably higher than both the national median of 0.99% and Michigan's state median of 1.07%. With the median home value in Novi at $376,600, the typical annual property tax bill reaches $5,246, exceeding the national median of $2,690. Property taxes in Novi 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 Novi'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 Novi 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
Novi, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.38%
Estimate Property Tax Bill
$5,197
Ownwell’s Novi Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Novi with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Novi to estimate your property tax bill. This valuable tool provides a clear understanding of potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is the value assigned by Oakland County for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Novi, Michigan
Property taxes in Novi, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Novi is 1.38%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Novi set these rates annually, and they can vary significantly across different neighborhoods. Each year, Novi 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 Novi's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48374 ZIP code has the highest median property tax rate of 1.47%, while the 48375 ZIP code has the lowest median tax rate of 1.29%. Understanding how these cities compare with Novi 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 Novi Tax Rate
1.38%
Average Oakland County Tax Rate
1.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Novi, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48374 | 1.19% | 1.28% | 1.47% | 1.62% | 1.72% |
| 48375 | 0.91% | 1.09% | 1.29% | 1.58% | 1.72% |
| 48377 | 0.89% | 1.12% | 1.38% | 1.56% | 1.92% |
Source: Ownwell
Property Tax Assessment Values Across Novi, Michigan
In Novi, 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 Novi, 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. For instance, the highest median tax bill in Novi is $7,718 in the 48374 zip code, whereas the lowest median tax bill is $4,230 in the 48375 zip code. 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 Novi helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Novi Assessed Value
$376,600
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 Novi, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48374 | $329,898 | $415,485 | $521,870 | $638,415 | $748,972 |
| 48375 | $145,260 | $207,600 | $321,080 | $425,000 | $532,220 |
| 48377 | $105,564 | $228,975 | $287,740 | $439,410 | $536,936 |
Source: Ownwell
Property Tax Bills Across Novi, Michigan
In Novi, located in Oakland County, MI, property tax bills are determined by assessing the value of a property and applying the local tax rate to this assessed value. The assessed value is typically a percentage of the property's market value, reflecting its worth based on current real estate conditions. This assessed value is then multiplied by the local tax rate to calculate the annual tax bill. Several factors influence the tax bill, including the property's location, size, and any improvements or renovations made. For instance, the median home price in Novi is $376,600. Property tax bills in this area can vary significantly, with the 25th percentile tax bill at $3,431 and the 75th percentile at $7,609. The highest median tax bill in the region is found in the 48374 zip code, at $7,718, while the lowest is in the 48375 zip code, at $4,230. These property taxes directly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services, thereby enhancing the community's overall quality of life.
Average Novi Tax Bill
$5,246
Average Oakland County Tax Bill
$3,833
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Novi, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48374 | $4,406 | $5,788 | $7,718 | $9,755 | $12,065 |
| 48375 | $1,577 | $2,849 | $4,230 | $6,072 | $8,016 |
| 48377 | $2,070 | $3,094 | $4,556 | $6,281 | $8,226 |
Source: Ownwell