Oak Park, Michigan Property Taxes
The median property tax rate in Oak Park, MI is 1.19%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Oak Park at $186,600, the typical annual property tax bill reaches $2,238, exceeding the national median of $2,690. Property taxes in Oak Park 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 Oak Park'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 Oak Park 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
Oak Park, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.19%
Estimate Property Tax Bill
$2,221
$2,061
Ownwell’s Oak Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oak Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oak Park 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 Oak Park, Michigan
Property taxes in Oak Park, MI, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Oak Park is 1.19%, higher than the U.S. national median of 0.99%. Local government entities within Oak Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oak Park 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 Oak Park's effective property tax rate to other areas in Oakland County and the national median. For comparison, the 48237 zip code has both the highest and lowest median property tax rate of 1.19%. Understanding how these areas compare with Oak Park 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 Oak Park Tax Rate
1.19%
Average Oakland County Tax Rate
1.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oak Park, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48237 | 0.93% | 1.01% | 1.19% | 1.59% | 2.26% |
Source: Ownwell
Property Tax Assessment Values Across Oak Park, Michigan
In Oak Park, 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 Equalization Department 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 Oak Park, 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 Oak Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 48237, where the median tax bill is $2,238.
Average Oak Park Assessed Value
$186,600
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 Oak Park, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48237 | $121,200 | $160,400 | $186,600 | $212,600 | $247,660 |
Source: Ownwell
Property Tax Bills Across Oak Park, Michigan
Property tax bills in Oak Park, located in Oakland County, MI, are calculated based on the assessed value of your property and the local tax rate. The assessed value is typically a percentage of the property's market value, determined by local assessors. For Oak Park, the median home price stands at $186,600. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual tax bill. Homeowners in Oak Park experience varying tax bills, with the 25th percentile paying around $1,816 and the 75th percentile reaching up to $3,099. At the 90th percentile, the tax bill can go as high as $4,329. Compared to the national median property tax rate of 0.99%, Oak Park's rates reflect a significant range depending on property values. These property taxes fund essential services such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners in the area.
Average Oak Park Tax Bill
$2,238
Average Oakland County Tax Bill
$3,833
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Oak Park, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48237 | $1,467 | $1,816 | $2,238 | $3,099 | $4,329 |
Source: Ownwell