Wixom, Michigan Property Taxes
The median property tax rate in Wixom, MI is 1.24%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Wixom at $304,650, the typical annual property tax bill reaches $3,933, exceeding the national median of $2,690. Property taxes in Wixom 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 Wixom'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 Wixom 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
Wixom, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.24%
Estimate Property Tax Bill
$3,778
Ownwell’s Wixom Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wixom with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wixom 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 Wixom, Michigan
Property taxes in Wixom, Michigan, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wixom is 1.24%, which is higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Wixom set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wixom 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 Wixom's effective property tax rate to other regions and the national median. For comparison, the zip code 48393 has the highest median property tax rate of 1.24%, while the same zip code also has the lowest median tax rate of 1.24%. Understanding how these areas compare with Wixom 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 Wixom Tax Rate
1.24%
Average Oakland County Tax Rate
1.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wixom, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48393 | 0.95% | 1.08% | 1.24% | 1.55% | 1.70% |
Source: Ownwell
Property Tax Assessment Values Across Wixom, Michigan
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Wixom, Michigan. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as 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 Wixom, 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 median home price in Wixom is $304,650, with tax bills ranging from $2,936 at the 25th percentile to $6,430 at the 90th percentile. The zip code 48393 has both the highest and lowest median tax bill, which is $3,933. 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.
Average Wixom Assessed Value
$304,650
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 Wixom, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48393 | $216,900 | $255,380 | $304,650 | $375,445 | $438,140 |
Source: Ownwell
Property Tax Bills Across Wixom, Michigan
Property tax bills in Wixom, located in Oakland County, MI, are calculated based on the assessed value of a property, which is typically 50% of its market value. For example, a home with a median price of $304,650 would have an assessed value of approximately $152,325. The local tax rate is then applied to this assessed value to determine the tax bill. In Wixom, tax bills can vary significantly. The 25th percentile tax bill stands at $2,936, while the 75th percentile reaches $5,059, and the 90th percentile can go as high as $6,430. The median property tax bill in the area is $3,933, which is higher than the national median property tax rate of 0.99%. This variation in tax bills affects homeowners differently, with higher-valued properties shouldering a larger tax burden. Understanding these factors is crucial for homeowners to anticipate their annual property tax obligations and budget accordingly.
Average Wixom Tax Bill
$3,933
Average Oakland County Tax Bill
$3,833
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Wixom, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48393 | $2,387 | $2,936 | $3,933 | $5,059 | $6,430 |
Source: Ownwell