Bloomfield Village, Oakland County, Michigan Property Taxes

Local government entities set tax rates, which can vary widely within a state. This variation occurs because each county annually 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 votes and laws play a role in setting these rates and budgets, this sums up the annual process.

In Bloomfield Village, located in Oakland County, Michigan, the effective property tax rate is a reflection of this localized approach to taxation. With Oakland County’s median tax rate at 1.58%, it significantly surpasses the national median property tax rate of 1.02%. This difference underscores the importance of understanding local tax structures, as they can lead to higher property tax bills compared to the national median bill of $2,400.

Understanding how these rates are determined and how they compare to both state and national medians can empower property owners in Bloomfield Village to make informed decisions about property tax appeals and exemptions.

In Bloomfield Village, located within Oakland County, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is a percentage of the property's market value. Homeowners in Bloomfield Village experience property tax rates that result in substantial tax bills, with the median home price at $1,808,070. The 25th percentile tax bill is $25,885, while the 75th percentile reaches $32,092, and the 90th percentile is $33,955. These figures significantly surpass the national median property tax bill of $2,400, emphasizing the importance of understanding how these taxes affect homeowners.

Factors such as recent home sales, property improvements, and neighborhood changes can influence the assessed value, impacting the overall tax bill. Ownwell offers a solution by providing property tax appeal services, potentially lowering the assessed value and, consequently, the tax bill. By leveraging expert knowledge and data, Ownwell assists homeowners in securing the most accurate assessments, ensuring they pay only their fair share of property taxes.