Wolverine Lake, Michigan Property Taxes
The median property tax rate in Wolverine Lake, MI is 1.18%, considerably higher than both the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Wolverine Lake at $248,360, the typical annual property tax bill reaches $3,235, exceeding the national median of $2,690. Property taxes in Wolverine Lake 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 Wolverine Lake'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 Wolverine Lake 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
Wolverine Lake, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$2,931
Ownwell’s Wolverine Lake Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Wolverine Lake with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Wolverine Lake 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 Wolverine Lake, Michigan
Property taxes in Wolverine Lake, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wolverine Lake is 1.18%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Wolverine Lake set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wolverine Lake 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 Wolverine Lake's effective property tax rate to other areas in Michigan and the national median. For comparison, the zip code 48390 has the highest median property tax rate of 1.18%, while the same zip code also has the lowest median tax rate of 1.18%. Understanding how these areas compare with Wolverine Lake 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 Wolverine Lake Tax Rate
1.18%
Average Oakland County Tax Rate
1.37%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wolverine Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48390 | 1.02% | 1.09% | 1.18% | 1.56% | 1.74% |
Source: Ownwell
Property Tax Assessment Values Across Wolverine Lake, Michigan
In Wolverine Lake, 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 Wolverine Lake, 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 Wolverine Lake helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Wolverine Lake are both $3,235, found in the 48390 zip code.
Property Tax Assessment Values Across Wolverine Lake, Michigan
Source: Ownwell
$64,640
$936,355
$1,808,070
Average Wolverine Lake Assessed Value
$248,360
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 Wolverine Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48390 | $163,318 | $200,705 | $248,360 | $417,465 | $637,466 |
Source: Ownwell
Property Tax Bills Across Wolverine Lake, Michigan
In Wolverine Lake, property tax bills are calculated based on the assessed value of the property, which is determined by local assessors. The assessed value is then multiplied by the local tax rate to arrive at the annual tax bill. For example, with a median home price of $248,360, homeowners can expect varying tax bills. The 25th percentile tax bill is $2,506, while the 75th percentile reaches $5,346, and the 90th percentile can be as high as $8,355. Several factors influence these tax bills, including property location, improvements, and market conditions. Comparing this to the national median property tax rate of 0.99%, Wolverine Lake's tax bills reflect the specific economic and regulatory environment of Oakland County. For homeowners in the area, understanding these factors is crucial for financial planning and property investment decisions. Accurate assessment and timely appeals can significantly impact the overall tax burden, making it essential for homeowners to stay informed about local tax policies and market trends.
Average Wolverine Lake Tax Bill
$3,235
Average Oakland County Tax Bill
$3,833
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Wolverine Lake, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48390 | $2,084 | $2,506 | $3,235 | $5,346 | $8,355 |
Source: Ownwell