West Bloomfield, Michigan Property Taxes
The median property tax rate in West Bloomfield, MI is 1.39%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in West Bloomfield at $328,260, the typical annual property tax bill reaches $4,663, exceeding the national median of $2,690. Property taxes in West Bloomfield 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 West Bloomfield'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 West Bloomfield 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
West Bloomfield, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.39%
Estimate Property Tax Bill
$4,563
Ownwell’s West Bloomfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in West Bloomfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in West Bloomfield 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 West Bloomfield, Michigan
Property taxes in West Bloomfield, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in West Bloomfield is 1.39%, which is higher than the U.S. national median of 0.99%. Local government entities within West Bloomfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, West Bloomfield 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 West Bloomfield's effective property tax rate to other areas in Oakland County and the national median. For comparison, the 48323 zip code has the highest median property tax rate of 1.41%, while the 48324 zip code has the lowest median tax rate of 1.36%. Understanding how these areas compare with West Bloomfield 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 West Bloomfield Tax Rate
1.39%
Average Oakland County Tax Rate
1.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across West Bloomfield, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48322 | 1.05% | 1.18% | 1.40% | 1.63% | 1.82% |
| 48323 | 1.06% | 1.20% | 1.41% | 1.63% | 1.83% |
| 48324 | 1.00% | 1.15% | 1.36% | 1.63% | 1.81% |
| 48325 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across West Bloomfield, Michigan
In West Bloomfield, 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 Assessor 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 West Bloomfield, 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 West Bloomfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $5,355 in the 48323 zip code, while the lowest median tax bill is $4,346 in the 48322 zip code.
Property Tax Assessment Values Across West Bloomfield, Michigan
Source: Ownwell
$64,640
$936,355
$1,808,070
Average West Bloomfield Assessed Value
$328,260
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 West Bloomfield, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48322 | $191,950 | $248,900 | $309,980 | $421,620 | $575,330 |
| 48323 | $206,924 | $293,360 | $370,400 | $486,270 | $657,160 |
| 48324 | $177,844 | $234,060 | $321,960 | $425,440 | $651,668 |
| 48325 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across West Bloomfield, Michigan
In West Bloomfield, Oakland County, MI, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the property's market value, which in West Bloomfield is influenced by factors such as location, property size, and home features. Homeowners in this area experience a range of tax bills, with the 25th percentile at $3,321 and the 75th percentile at $6,723. The highest median tax bill in the 48323 zip code is $5,355, while the lowest median tax bill in the 48322 zip code is $4,346. These figures indicate that property taxes in West Bloomfield can vary significantly based on specific property characteristics and location. Compared to the national median property tax rate of 0.99%, homeowners in West Bloomfield may find their tax obligations to be relatively higher, impacting their overall cost of living and financial planning.
Average West Bloomfield Tax Bill
$4,663
Average Oakland County Tax Bill
$3,833
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across West Bloomfield, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48322 | $2,426 | $3,247 | $4,346 | $6,439 | $8,831 |
| 48323 | $2,604 | $3,770 | $5,355 | $7,399 | $10,113 |
| 48324 | $2,189 | $3,051 | $4,456 | $6,281 | $9,337 |
| 48325 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell