The Village of Bingham Farms has one tax per year. This is the Village operating tax and that bill is mailed on July 1st each year. Village taxes are payable July 1 through August 31st without penalty at the Village Office. There is a 1% penalty from September 1st through September 30. There is an additional 1% penalty per month thereafter through the month of February.
Starting March 1st all delinquent Village taxes must be paid to Oakland County with additional penalties.
Call the Village Office - Treasurer Office if you have any further questions. Call: 248-644-0044
I need a copy of a paid receipt, where do I get one?
The Treasurer can provide you with a tax payment receipt.
When are my taxes due?
Village property taxes are collected annually and due in the Village Office at 24255 West 13 Mile Road by 4:00 pm on or before August 31st without penalty. If August 31st falls on a non-business day, the due day is the next business day.
Township property taxes are collected twice per year. Summer taxes are due in the Township Office at 18550 West 13 Mile Road, by 5:00 pm on or before September 14th. Winter property taxes are due on or before February 14th at the Township Office. If either date falls on a non-business day, taxes are due the next business day after the due date. Please verify due date on the printed statement.
All unpaid taxes are paid to Oakland County as of March 1st with additional penalties added.
What is a mill and how can I determine my annual tax bill?
One mill is equal to $1.00 per each $1,000 in Taxable Value. Your annual tax amount can be calculated by multiplying your Taxable Value by the millage rate and dividing the product by 1,000. If you recently purchased your home, use 1/2 of the purchase price as your Taxable Value to estimate your tax liability. For example, if your Taxable Value (or 1/2 purchase price) is $90,000 and the millage rate is 39.961 your annual tax liability would be $3,596.49. (90000 x 39.961) / 1000 = $3,596.49.
Does Bingham Farms accept credit cards?
At this time, Bingham Farms does not accept credit or debit card payments.
Have other questions? Call us at 248-644-0044.
Who receives the funds from my tax bills?
The Village tax funds stay in the community and cover Village operating expenses, such as Police and Fire protection, snow removal, library services, administrative expenses and road repairs and maintenance.
The Township tax funds are distributed to several entities: State of Michigan (education), Oakland Community College, Oakland Intermediate Schools (allocated and voted), local schools (allocated and voted), County operating, Township operating, Oakland County Parks and Recreation, Huron Clinton Metro Authority, Zoo Authority, Art Institute and the Oakland County Public Transit Authority.
What do the terms Assessed Value, State Equalized Value and Taxable Value mean on my Notice of Assessment?
A basic knowledge of these terms will help you better understand Michigan property tax laws.
1. Assessed Value - the assessed value helps determine market value. Set by the assessor, the Assessed Value when multiplied by two will give an approximate market value of the property. The assessor is constitutionally required to set the assessed value at 50% of the usual selling price or True Cash Value of the property.
2. State Equalized Value (SEV) - SEV is the Assessed Value that has been adjusted following county and state equalization. The County Board of Commissioners and the Michigan State Tax Commission must review local assessments and adjust (equalize) them if the values are above or below the constitutional 50% level of assessment.
3. Taxable Value - the amount used to determine tax dollars owed. Multiplying the Taxable Value by the local millage rate will determine your tax liability. Taxable Value increases year to year by the rate of inflation or 5%, whichever is lower. Transfers of ownership and improvements to the property may increase the Taxable Value more than the rate of inflation.
What determines the Taxable Value?
On March 15, 1994 Michigan voters approved the constitutional amendment known as Proposal A. The Taxable Value was created as part of this legislation. Taxable Value, or the figure that is multiplied by the millage rate, can only increase each year by the rate of inflation or 5% whichever is lower. The Taxable Value on the property is said to be 'capped' if the property owner has not had any additions or losses on the property or did not purchase it in the preceding year. The legislators who wrote and put Proposal A on the ballot intended to put a cap on the value of the property to tie the increase in valuation to the inflation rate so that taxpayers wouldn't be as affected by a robust upswing in the housing market.
What other factors would cause an increase in my taxes?
The Taxable Value is required by the Michigan Constitution to increase each year by the rate of inflation or 5% whichever is lower. However, taxes can increase above this amount if the residents of Bingham Farms have voted for any special revenues, such as a school improvement bond.
Property values in my neighborhood have been decreasing, will my property valuation decrease as well?
Unfortunately there isn't a yes or no answer to that question. If you have owned your property for a significant amount of time, it is more likely that your State Equalized Value (SEV) far exceeds your Taxable Value. If this is the case, a decrease in valuation caused by a cooling real estate market will be reflected in your SEV. However, if you are a longtime property owner, the SEV could decrease while the Taxable Value increases.
Does this mean I'll have to pay more property taxes instead of less?
In the previous scenario, yes. The Taxable Value will rise by the inflationary increase; this figure multiplied by the local unit's millage rate will determine your annual property tax liability.
Why won't my taxes decrease if my property value is decreasing?
Proposal A allowed many residents to pay property taxes on less than half of their home's market value by 'capping' the Taxable Value at the same time still allowing the assessor to determine the market value for many property owners, by adjusting the SEV. This caused a great disparity between the SEV figure and the Taxable Value. The assessor can reduce the SEV to reflect the changes in property value but if the Taxable Value is still below the SEV your tax liability will continue to increase until the two figures match.
Will my taxes ever decrease?
If a property's value decreases each year, the SEV will eventually equal the Taxable Value. Since the Taxable Value cannot exceed the SEV, subsequent decreases in SEV will cause a decrease in Taxable Value which will lower your property tax liability. For many homeowners, due to the gap between the SEV and Taxable Value figures, it would take several years of depressed market conditions to make the SEV and Taxable Value equal. If you recently purchased your home, it is more likely your SEV and Taxable Value are close or already equal.
What are some disadvantages of the Proposal A legislation?
Unfortunately, there have been a few downfalls.
1. Neighbors with similar properties pay different tax amounts.
2. Uneasiness about moving into new property for fear of a high tax increase.
3. Property tax liability increases while the real estate market decreases.
4. Village tax revenues decrease in a down market, and do not recover with the real estate market.
This last disadvantage will force millage rates to increase in subsequent years in order to maintain the same level of Village services.
What is the Principal Residence Exemption?
If you own and occupy exclusively a home on your property by May 1st last year, you are entitled to a Principal Residence Exemption. On the Assessment Notice, the exemption will be illustrated by 100.00% (homestead) if you are eligible or 0.00% (non-homestead) if you are not eligible. You are only entitled to one Principal Residence Exemption in or out of the State of Michigan. A property owner will pay a lower millage rate on their primary residence.
The Principal Residence Exemption (homestead) does not impact the Village tax liability.
Can I contest my Assessed and Taxable Values?
Every property owner has the right to appeal their assessments however, the opportunity only comes once per year. The Yearly Assessment Change Notice will provide you with the dates and times for the March Township Board of Review. If you wish to contest your assessment, you must make an appointment to appeal to the Board of Review. A nonresident may protest by a letter that is accompanied by a completed Board of Review petition. Protest at the March Township Board of Review is necessary to protect your right to further appeals to the Michigan Tax Tribunal for valuation and exemption appeals. If you miss the March Board of Review, you cannot contest your assessment that year, nor will the Michigan Tax Tribunal hear any cases not heard by the local Board of Review.