Oakland, Michigan Property Taxes
The median property tax rate in Oakland, MI is 1.07%, matching the state median but still higher than the national median of 0.99%. With a median home value of $531,940, the typical annual property tax bill in Oakland reaches $5,550, significantly surpassing the national median of $2,690. Property taxes here are calculated based on the assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Oakland'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 Oakland 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
Oakland, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$5,692
$5,282
Ownwell’s Oakland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oakland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oakland 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 Oakland, Michigan
Property taxes in Oakland, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakland is 1.07%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Oakland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oakland 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 Oakland's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48363 zip code has the highest median property tax rate of 1.07%, while the 48363 zip code has the lowest median tax rate of 1.07%. Understanding how these cities compare with Oakland 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 Oakland Tax Rate
1.07%
Average Oakland County Tax Rate
1.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oakland, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48306 | N/A | N/A | N/A | N/A | N/A |
| 48363 | 0.80% | 0.94% | 1.07% | 1.18% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Oakland, Michigan
In Oakland, 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 Oakland, 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 Oakland helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 48363 has the highest and lowest median tax bill, both at $5,550.
Average Oakland Assessed Value
$531,940
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 Oakland, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48306 | N/A | N/A | N/A | N/A | N/A |
| 48363 | $260,134 | $362,520 | $531,680 | $739,305 | $875,002 |
Source: Ownwell
Property Tax Bills Across Oakland, Michigan
In Oakland, MI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. The median home price in Oakland stands at $531,940, and the property tax rate is applied to this assessed value to determine the tax bill. Factors such as local tax rates, exemptions, and special assessments play a role in the final amount. For instance, the 25th percentile tax bill is $3,674, while the 75th percentile tax bill reaches $7,904, and the 90th percentile tax bill can be as high as $9,851. Homeowners in Oakland experience varying tax burdens based on their property's assessed value and any applicable exemptions. Comparatively, the national median property tax rate is 0.99%, making it essential for Oakland homeowners to understand their local rates and how they compare nationally. With the highest median tax bill in Oakland being $5,550 for the 48363 zip code, homeowners must stay informed about these factors to manage their property tax responsibilities effectively.
Average Oakland Tax Bill
$5,550
Average Oakland County Tax Bill
$3,833
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Oakland, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48306 | N/A | N/A | N/A | N/A | N/A |
| 48363 | $2,499 | $3,674 | $5,550 | $7,904 | $9,851 |
Source: Ownwell