Troy, Oakland County, Michigan Property Taxes

Name: Property Tax Bills Across Troy, Oakland County, Michigan
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Troy, MI effective property tax rate: 1.31%, significantly higher than the national median of 1.02%, but lower than the Michigan state median of 1.07%.
Median Troy, MI home value: $327,040
Median annual Troy, MI tax bill: $4,486, $2,086 higher than the national median property tax bill of $2,400.

How are property taxes in Oakland County calculated?

Property taxes in Troy, MI are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Troy’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Troy, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Troy, Oakland County, Michigan Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.31%

Estimate Property Tax Bill

$4,284

$3,976

Ownwell’s Troy Property Tax Bill Calculator empowers 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, our calculator applies Troy’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Oakland County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Troy, Oakland County, Michigan

Local government entities determine tax rates, which can vary significantly within a state. Annually, each county estimates its required budget to provide essential services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. In Troy, located in Oakland County, the effective property tax rate is a point of interest for homeowners. Compared to the median property tax rate in Michigan, which stands at 1.31%, Troy's rate is quite competitive. The highest median tax rate in the area is 1.38% in the 48098 zip code, while the lowest is 1.25% in the 48083 zip code. When compared to the national median property tax rate of 1.02%, Michigan's rates are higher, which reflects the varying needs and budgets of local governments. Understanding these differences can help property owners make informed decisions about where to live and invest.

Property Tax Rates Across Troy, Oakland County, Michigan

Source: Ownwell

0.91%

1.60%

2.28%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Troy Tax Rate

1.31%

Median Effective Oakland County Tax Rate

1.37%

Median Effective Michigan Tax Rate

1.07%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Troy, Oakland County, 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, Oakland County, Michigan

When examining property taxes in Troy, MI, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Oakland County Equalization Department estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill. Assessment notices: In Oakland County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of March. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Troy. For example, the median home price in Troy is $327,040, with tax bills ranging significantly across the county. 48098 has the highest median home price at $411,020.

Property Tax Assessment Values Across Troy, Oakland County, Michigan

Source: Ownwell

$64,640

$675,030

$1,285,420

Median Troy Market Value

$327,040

Median Oakland County Market Value

$273,320

Median Michigan Market Value

$177,800

Median United States Market Value

$235,294

Property Tax Assessment Values Across Troy, Oakland County, 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, Oakland County, Michigan

In Troy, Michigan, property tax bills are calculated based on the assessed value of a home, which is determined by Oakland County. The median home price in Troy is $327,040, and the property tax rate is applied to this assessed value to determine the tax bill. Various factors influence the assessed value, including the property's location, size, and any improvements made. The median property tax bill in Troy is significantly higher than the national median of $2,400, with bills ranging from $3,394 at the 25th percentile to $8,311 at the 90th percentile. Homeowners in the 48098 zip code experience the highest median tax bills at $5,858. These high property taxes can place a substantial financial burden on homeowners. Ownwell offers property tax appeal services to help homeowners in Troy potentially lower their tax bills. By reviewing assessments and identifying discrepancies, Ownwell can assist in reducing the assessed value, leading to significant savings on property taxes.

Property Tax Bills Across Troy, Oakland County, Michigan

Source: Ownwell

$936

$8,192

$15,447

Median Troy Tax Bill

$4,486

Median Oakland County Tax Bill

$3,833

Median Michigan Tax Bill

$1,795

Median United States Tax Bill

$2,400

Property Tax Bills Across Troy, Oakland County, 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