Oakland Township, Michigan Property Taxes
The median property tax rate in Oakland Township, MI is 1.04%, slightly higher than the national median of 0.99% but lower than the Michigan state median of 1.07%. With the median home value in Oakland Township at $511,040, the typical annual property tax bill reaches $5,372, significantly exceeding the national median of $2,690. Property taxes in Oakland Township are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Oakland Township'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 Oakland Township 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
Oakland Township, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$5,315
Ownwell’s Oakland Township Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oakland Township with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oakland Township 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 Township, Michigan
Property taxes in Oakland Township, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakland Township is 1.04%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Oakland Township set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oakland Township 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 Township's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48306 zip code has the highest median property tax rate of 1.04%, while the 48306 zip code also has the lowest median tax rate of 1.04%. Understanding how these cities compare with Oakland Township 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 Township Tax Rate
1.04%
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 Township, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48306 | 0.84% | 0.88% | 1.04% | 1.17% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Oakland Township, Michigan
In Oakland Township, 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 Township, 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. With a median home price of $511,040, the tax bill can vary significantly. For instance, the 25th percentile tax bill is $4,210, while the 75th percentile tax bill is $7,299, and the 90th percentile tax bill reaches $11,792. The highest and lowest median tax bills in the township are both $5,372, found in zip code 48306. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Oakland Township, Michigan
Source: Ownwell
$64,640
$936,355
$1,808,070
Average Oakland Township Assessed Value
$511,040
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 Township, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48306 | $366,652 | $444,530 | $511,040 | $659,950 | $1,041,728 |
Source: Ownwell
Property Tax Bills Across Oakland Township, Michigan
In Oakland Township, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is typically a percentage of the market value of the property. The tax rate, or millage rate, is then applied to the assessed value to calculate the annual property tax bill. Various factors influence the assessed value, including the home's location, size, age, and condition, as well as recent sales of comparable properties in the area. For homeowners in Oakland Township, the median home price is $511,040, resulting in varied tax bills. The 25th percentile tax bill is $4,210, while the 75th percentile tax bill is $7,299, and the 90th percentile tax bill reaches up to $11,792. These figures illustrate how property taxes can significantly impact homeowners' annual expenses. Notably, the highest and lowest median tax bills in the area are both $5,372, indicating a consistent tax rate across different neighborhoods within the township. This consistency provides homeowners with a predictable tax environment, which can aid in financial planning.
Average Oakland Township Tax Bill
$5,372
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 Township, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48306 | $3,682 | $4,210 | $5,372 | $7,299 | $11,792 |
Source: Ownwell