Bloomfield Hills, Michigan Property Taxes
The median property tax rate in Bloomfield Hills, MI is 0.95%, slightly below the national median of 0.99% and the Michigan state median of 1.07%. With the median home value in Bloomfield Hills, the typical annual property tax bill reaches $1,077, which is less than the national median of $2,690. Property taxes in Bloomfield Hills 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 Bloomfield Hills' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Bloomfield Hills 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
Bloomfield Hills, Michigan Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.07%
Estimate Property Tax Bill
$2,140
Ownwell’s Bloomfield Hills Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bloomfield Hills with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bloomfield Hills 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 Bloomfield Hills, Michigan
Property taxes in Bloomfield Hills, Michigan, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bloomfield Hills is 1.44%, significantly higher than the Michigan state median of 1.31% and the U.S. national median of 0.99%. Local government entities within Bloomfield Hills set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bloomfield Hills 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 Bloomfield Hills' effective property tax rate to other counties in Michigan and the national median. For comparison, the 48301 zip code has the highest median property tax rate of 1.60%, while the 48302 zip code has the lowest median tax rate of 1.20%. Understanding how these cities compare with Bloomfield Hills 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 Bloomfield Hills Tax Rate
0.95%
Average Roscommon County Tax Rate
0.50%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bloomfield Hills, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48301 | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% |
| 48302 | 0.69% | 0.69% | 0.69% | 0.69% | 0.69% |
Source: Ownwell
Property Tax Assessment Values Across Bloomfield Hills, Michigan
In Bloomfield Hills, 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 Roscommon 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. 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 Bloomfield Hills helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Bloomfield Hills is $1,419 in the 48302 zip code, while the lowest is $736 in the 48301 zip code.
Property Tax Assessment Values Across Bloomfield Hills, Michigan
Source: Ownwell
$15,800
$177,250
$338,700
Average Bloomfield Hills Assessed Value
$133,600
Average Roscommon County Assessed Value
$114,800
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bloomfield Hills, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48301 | $61,200 | $61,200 | $61,200 | $61,200 | $61,200 |
| 48302 | $206,000 | $206,000 | $206,000 | $206,000 | $206,000 |
Source: Ownwell
Property Tax Bills Across Bloomfield Hills, Michigan
In Bloomfield Hills, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value typically represents a percentage of the market value of the property. In Roscommon County, where Bloomfield Hills is located, the median home price is $133,600. Homeowners' tax bills can vary significantly within the city. For instance, the tax bill for the 25th percentile is $907, while the 75th percentile sees tax bills around $1,248, and the 90th percentile reaches up to $1,351. Several factors influence the final tax bill, including the local tax rate and any applicable exemptions. The highest median tax bill in Bloomfield Hills is $1,419 in the 48302 zip code, whereas the lowest is $736 in the 48301 zip code. These variations can significantly impact homeowners, influencing their overall housing costs and financial planning. Compared to the national median property tax rate of 0.99%, Bloomfield Hills' tax bills reflect the local economic conditions and property values.
Average Bloomfield Hills Tax Bill
$1,077
Average Roscommon County Tax Bill
$649
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Bloomfield Hills, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48301 | $736 | $736 | $736 | $736 | $736 |
| 48302 | $1,419 | $1,419 | $1,419 | $1,419 | $1,419 |
Source: Ownwell