Sylvan Lake, Oakland County, Michigan Property Taxes
Median Sylvan Lake, MI effective property tax rate: 1.15%, significantly higher than the national median of 1.02%, but lower than the Michigan state median of 1.07%.
Median Sylvan Lake, MI home value: $302,770
Median annual Sylvan Lake, MI tax bill: $3,818, $1,418 higher than the national median property tax bill of $2,400.
How are property taxes in Oakland calculated?
Property taxes in Sylvan Lake, MI are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Sylvan Lake’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Sylvan Lake, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Sylvan Lake, Oakland County, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
1.14%
Estimate Property Tax Bill
$3,651
$3,388
Ownwell’s Sylvan Lake Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Sylvan Lake with just two data points.
By entering your property's estimated assessed value, our calculator applies Sylvan Lake’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations.
This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Oakland County.
For those interested in more localized information, please scroll down to explore city-level trends!
Property Tax Rates Across Sylvan Lake, Oakland County, Michigan
Local government entities determine tax rates, which can differ significantly within a state. This variation occurs because each county annually calculates its required budget to fund services and divides that by the total value of all taxable property within its jurisdiction, resulting in the property tax rate. Although votes and laws influence the setting of tax rates and budgets, this is essentially the yearly process.
In Sylvan Lake, located in Oakland County, MI, the effective property tax rate is 1.15%. This rate matches the highest and lowest median tax rates within the area, highlighting the uniformity of property tax rates in this region. When compared to Michigan's median property tax rate of 1.15%, Sylvan Lake aligns with the state average, but it is slightly above the national median property tax rate of 1.02%.
Understanding these rates can help property owners in Sylvan Lake make informed decisions about property tax appeals and exemptions, ensuring they are not overpaying compared to state and national averages.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Sylvan Lake Tax Rate
1.14%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Oakland County Tax Rate
1.04%
Median Effective Michigan Tax Rate
1.05%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Sylvan Lake, Oakland County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48320 | 0.75% | 0.86% | 1.14% | 1.56% | 1.74% |
Source: Ownwell
Property Tax Assessment Values Across Sylvan Lake, Oakland County, Michigan
When examining property taxes in Sylvan Lake, MI, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Oakland County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Oakland County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Sylvan Lake.
For example, the median home price in Sylvan Lake is $302,770, with tax bills ranging significantly across the county. Zip code 48320 has the highest median home price at $302,770.
Property Tax Assessment Values Across Sylvan Lake, Oakland County, Michigan
Source: Ownwell
$3,200
$684,440
$1,365,680
Median Sylvan Lake Market Value
$320,280
Median Oakland County Market Value
$301,920
Median Michigan Market Value
$213,740
Median United States Market Value
$235,294
Property Tax Assessment Values Across Sylvan Lake, Oakland County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48320 | $230,372 | $265,940 | $320,280 | $419,785 | $794,818 |
Source: Ownwell
Property Tax Bills Across Sylvan Lake, Oakland County, Michigan
In Sylvan Lake, located in Oakland County, MI, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. Homeowners in Sylvan Lake face a median property tax bill of $3,818, significantly above the national median of $2,400. This can be attributed to the county's higher-than-average property values. Factors influencing property tax bills include the property's assessed value, local tax rates, and any applicable exemptions or deductions. For example, homes in the 25th percentile have tax bills around $2,770, while those in the 90th percentile can see bills as high as $8,582. This wide range demonstrates the impact of property value variations and local tax policies.
Ownwell assists homeowners by identifying potential savings through appeals and exemptions. By analyzing property assessments and comparing them to similar properties, Ownwell can help challenge over-assessments, potentially reducing tax bills. This service is invaluable for homeowners looking to manage expenses and ensure fair taxation.
Median Sylvan Lake Tax Bill
$3,906
Median Oakland County Tax Bill
$3,235
Median Michigan Tax Bill
$2,084
Median United States Tax Bill
$2,400
Property Tax Bills Across Sylvan Lake, Oakland County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48320 | $2,216 | $2,787 | $3,906 | $5,961 | $9,071 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates |
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Links | |
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| Oakland Tax Assessor | |
| Website | app.regrid.com |