The taxes on your "real" property (what the Assessors call your home) are based on the taxable value of your home and the millage rate for your area.
I've written previously about the taxable value of your home.
If you are interested in local millage rates, here is the definitive source for 2006. As soon as the 2007 publication becomes available, I will publish it here. Washtenaw County property tax rates begin on page 146.
The millage rate on which your taxes are based is made up of a composite of the amounts charged by the state, county, township, intermediate school and school district. Any requests for millage increases are voted on by us, the voters.
So what will happen to property taxes in 2008?
Could there be a silver lining to the increasing number of foreclosures in Michigan? Maybe. Maybe not.
Last year, The State of Michigan changed the laws allowing foreclosures to be taken into consideration in property tax assessments. Previously the depressed sales were disallowed as aberrations.
The State Tax Commission also changed rules allowing sales studies to be based on one year of sales instead of two. The two year ruling had helped to keep assessments low during periods of rapidly increasing sales prices, but it also kept assessments high during periods of rapidly falling prices.
For more information read the article from the Detroit Free Press.
Combined, these two changes could have a significant impact on assessments, but most home owners who have been in their homes for more than a few years will not see any difference in their taxes because of the current cap on property tax increases.
The State of Michigan also provides a website where you can get an estimate of your property taxes. I haven't tried this website, so I can't attest to the accuracy of their estimate.
Finally, here's a different way of looking at the value of your home.
I’ve been helping people make good decisions about real estate since 1994. My blog covers topics of interest – including regular reports on market conditions – for all of Washtenaw County.
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Love the pics and it couldn't be further from the truth! I know I am now paying much more than I should and want to appeal. My county generally only lets you appeal when your property tax assessment comes out every three years, but you can also file a request to schedule an appeal hearing, but they can approve or deny the hearing!
Vance. I really like the depiction that is so right on.
J.
My question is, "What are the counties doing with all the extra money?"
I've known people who have had their tax bill triple over the pass 10 years. Doubling in less than 6 is not unheard of. If you compare this with the rate of inflation, the governments should be rolling in the dough. Where did they spend the extra money?
Bob Mitchell
ValueList Real Estate Services, Inc.
I LOVE that picture, have seen it in several different graphics, it is so true! Taxes are highly local too, here in Charlotte our rates are much lower than some other locales but people here still complain they're too high.
Vance, just got home. I'll chat with you in the morning at GMM. I have people call me frequently and ask about why there taxes haven't gone down when they purchased the home, for a lot less than the SEV or TV. They have gone to assessors and hearing but still paying taxes on what the value was years ago.
Vance,I saw the city Saline and thought...ahhh Missy lives there....so now there are 2 of you. Hey the one that wins is the consumer, and with this Post they should like you pretty well. And Missy's comment is one I hear too...."why haven't my taxes gone down?"
Kathy,
Thank you for the kind words. Missy has set a blazing trail for me to follow, and we correspond frequently about topics here on the AR, and various other real estate themes. She's a great Realtor for her clients, a great resource for her fellow Realtors, and a great friend.