South Lyon, Michigan Property Taxes
The median property tax rate in South Lyon, MI is 1.35%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in South Lyon at $389,470, the typical annual property tax bill reaches $4,980, exceeding the national median of $2,690. Property taxes in South Lyon 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 South Lyon'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 South Lyon 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
South Lyon, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$5,258
$4,879
Ownwell’s South Lyon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in South Lyon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South Lyon 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 South Lyon, Michigan
Property taxes in South Lyon, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in South Lyon is 1.35%, notably higher than the U.S. national median of 0.99%. Local government entities within South Lyon set these rates annually, and they can vary significantly across different neighborhoods. Each year, South Lyon 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 South Lyon's effective property tax rate to other regions in Oakland County and the national median. For comparison, the 48178 zip code has the highest median property tax rate of 1.35%, while the same zip code also has the lowest median tax rate of 1.35%. Understanding how these rates compare with South Lyon 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 South Lyon Tax Rate
1.35%
Average Oakland County Tax Rate
1.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Lyon, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48178 | 0.97% | 1.15% | 1.35% | 1.54% | 1.82% |
Source: Ownwell
Property Tax Assessment Values Across South Lyon, Michigan
In South Lyon, 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 South Lyon, 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 South Lyon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 48178 has the highest and lowest median tax bill at $4,980.
Average South Lyon Assessed Value
$389,470
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 South Lyon, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48178 | $171,556 | $258,170 | $389,470 | $487,140 | $570,704 |
Source: Ownwell
Property Tax Bills Across South Lyon, Michigan
In South Lyon, located in Oakland County, MI, property tax bills are calculated based on the assessed value of your home. The assessed value is determined by the local assessor and represents 50% of the market value of the property. Homeowners in South Lyon face property tax bills that can vary significantly. For instance, the 25th percentile tax bill is around $3,305, while the 75th percentile climbs to $6,803, and the 90th percentile reaches $8,398. These figures are notably higher than the national median property tax rate of 0.99%. Several factors influence the tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. Higher property values naturally lead to higher tax bills, impacting homeowners' annual financial planning. For example, the highest median tax bill in the area is $4,980, which is considerable compared to other regions. Understanding how these elements interact is crucial for homeowners aiming to manage their property tax obligations effectively.
Average South Lyon Tax Bill
$4,980
Average Oakland County Tax Bill
$3,833
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across South Lyon, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48178 | $2,206 | $3,305 | $4,980 | $6,803 | $8,398 |
Source: Ownwell