Oakley, Schoolcraft County, Michigan Property Taxes
Median Oakley, MI effective property tax rate: 0.79%, significantly lower than the national median of 1.02%, and higher than the Michigan state median of 1.05%.
Median Oakley, MI home value: $168,200
Median annual Oakley, MI tax bill: $1,187, $1,213 lower than the national median property tax bill of $2,400.
How are property taxes in Schoolcraft calculated?
Property taxes in Oakley, 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 Oakley's property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Oakley, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Oakley, Schoolcraft County, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.79%
Estimate Property Tax Bill
$1,329
$1,233
Property Tax Rates Across Oakley, Schoolcraft County, Michigan
Local government entities are responsible for setting tax rates, which can vary significantly within Michigan. This is because each county annually determines its budget requirements to provide essential services and divides this by the total assessed value of all taxable property in its area, resulting in the property tax rate. Although votes and laws play a role in setting these rates and budgets, this is the core of the annual process.
In Oakley, located in Schoolcraft County, the effective property tax rate is lower than both the state and national medians. This can be an attractive factor for property owners, as it means potentially lower tax bills compared to other areas. The median property tax rate in Michigan is below the national median of 1.02%, making it a relatively affordable state for property taxes. By understanding these rates, property owners in Oakley can better anticipate their tax liabilities and explore opportunities for appeals and exemptions. Comparing Oakley's effective property tax rate to other cities in Michigan and the U.S. can provide valuable insights for property owners looking to manage their expenses efficiently.
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 Oakley Tax Rate
0.79%
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 Schoolcraft County Tax Rate
1.00%
Median Effective Michigan Tax Rate
1.05%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Oakley, Schoolcraft County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48649 | 0.47% | 0.59% | 0.79% | 1.13% | 1.72% |
Source: Ownwell
Property Tax Assessment Values Across Oakley, Schoolcraft County, Michigan
When examining property taxes in Oakley, Michigan, 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 Schoolcraft 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 Schoolcraft County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of March. 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 Oakley.
For example, the median home price in Oakley is $168,200, with tax bills ranging significantly across the county. Zip code 48649 has the highest median home price at $168,200.
Property Tax Assessment Values Across Oakley, Schoolcraft County, Michigan
Source: Ownwell
$87,200
$208,800
$330,400
Median Oakley Market Value
$168,200
Median Schoolcraft County Market Value
$118,200
Median Michigan Market Value
$213,740
Median United States Market Value
$235,294
Property Tax Assessment Values Across Oakley, Schoolcraft County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48649 | $37,080 | $103,600 | $168,200 | $205,900 | $300,200 |
Source: Ownwell
Property Tax Bills Across Oakley, Schoolcraft County, Michigan
Median Oakley Tax Bill
$1,187
Median Schoolcraft County Tax Bill
$1,214
Median Michigan Tax Bill
$2,084
Median United States Tax Bill
$2,400
Property Tax Bills Across Oakley, Schoolcraft County, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48649 | $407 | $774 | $1,187 | $1,640 | $2,481 |
Source: Ownwell