If you are thinking about selling your home anytime soon, this is definitely the year to appeal your property tax assessment. The housing market across the state is tanking. Foreclosures are up for nonpayment of mortgages. They are also up for non payment of taxes. Since the State has changed the rules to allow foreclosure after two years of nonpayment of taxes, many people have lost their lifetime investment due to job loss or wage cuts. This is a buyer’s market. Home prices are dropping so they can be sold and be affordable. Tax increases are expected to be requested at all levels of government. (The worst solution possible)
Many people chose to ignore their right to appeal their SEV, which should be half of the true cash value, because they are being taxed at the Taxable Value which was capped with the passage of Proposal A in 1994. This limited the taxable value increases to the rate of inflation or 5% which ever is less. If you have been living in your home since Proposal A passed, you are likely paying more than 35% less in taxes than someone who just purchased a similar home. Remember, the assessment cap is removed when the property changes ownership. New owners are stuck paying taxes based on the State Equalized Value.
Don’t forget, if you live in the city of Detroit, you must first appeal to the Board of Assessors before mid February to appeal to the Board of Review in March. Everyone else should call their city or township and inquire when their Board of Review will be meeting. Make sure you do the work necessary to make a successful appeal. You should be able to get sales that have occurred in your area from a local real estate office or the city assessor. You should also be able to see the SEV of other houses in your area and the worksheet they keep on your home to insure accuracy of information.
If you need information on how to appeal you can contact us by phone, mail (include your phone number) or online.
Real Scandals The Trump-Obsessed Media Are Ignoring | Stock News & Stock Market Analysis - IBD - Real Scandals The Trump-Obsessed Media Are Ignoring | Stock News & Stock Market Analysis - IBD "Media Bias: As news outlets dissect every new crumb in the a...
43 minutes ago