Troy, Michigan Property Taxes
The median property tax rate in Troy, MI is 1.31%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Troy at $327,040, the typical annual property tax bill reaches $4,486, exceeding the national median of $2,690. Property taxes in Troy 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 Troy'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 Troy 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
Troy, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$4,284
Ownwell’s Troy Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Troy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Troy to provide an estimate of your property tax bill. This valuable tool helps you understand 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 Troy, Michigan
Property taxes in Troy, Michigan, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Troy is 1.31%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Troy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Troy 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 Troy's effective property tax rate to other areas in Michigan and the national median. For comparison, the 48098 zip code has the highest median property tax rate of 1.38%, while the 48083 zip code has the lowest median tax rate of 1.25%. Understanding how these areas compare with Troy 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 Troy Tax Rate
1.31%
Average Oakland County Tax Rate
1.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Troy, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48083 | 1.01% | 1.14% | 1.25% | 1.60% | 1.75% |
| 48084 | 0.93% | 1.10% | 1.31% | 1.66% | 1.77% |
| 48085 | 1.09% | 1.15% | 1.26% | 1.61% | 1.73% |
| 48098 | 1.12% | 1.24% | 1.38% | 1.68% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across Troy, Michigan
In Troy, 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 Troy, 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 Troy is $5,858 in the 48098 zip code, while the lowest is $3,410 in the 48083 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 Troy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Troy Assessed Value
$327,040
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 Troy, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48083 | $158,896 | $208,150 | $257,920 | $309,645 | $418,992 |
| 48084 | $124,644 | $248,000 | $359,960 | $449,585 | $576,990 |
| 48085 | $241,508 | $286,280 | $329,000 | $395,260 | $492,324 |
| 48098 | $224,520 | $322,140 | $411,020 | $509,780 | $649,000 |
Source: Ownwell
Property Tax Bills Across Troy, Michigan
In Troy, located in Oakland County, MI, property tax bills are calculated based on the assessed value of your home, which is typically 50% of its market value. With a median home price of $327,040, homeowners can expect varying tax bills depending on their property's assessed value and the local tax rate. For instance, the median property tax bill in Troy ranges from $3,394 at the 25th percentile to $6,152 at the 75th percentile, with the 90th percentile reaching up to $8,311. Factors influencing your property tax bill include the local tax rate, which is applied to the assessed value, and any exemptions or deductions you may qualify for. The highest median tax bill in Troy is $5,858 in zip code 48098, while the lowest is $3,410 in zip code 48083. These property taxes fund essential services such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners in Troy. By understanding these factors, homeowners can better anticipate their annual property tax obligations.
Average Troy Tax Bill
$4,486
Average Oakland County Tax Bill
$3,833
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Troy, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48083 | $2,110 | $2,664 | $3,410 | $4,456 | $6,080 |
| 48084 | $2,322 | $3,499 | $4,678 | $6,463 | $8,718 |
| 48085 | $3,144 | $3,568 | $4,448 | $5,772 | $7,537 |
| 48098 | $3,227 | $4,357 | $5,858 | $7,708 | $9,908 |
Source: Ownwell