their lifetime investment due to job loss or wage cuts. This is a buyer’s market if you can find someone to finance you. Home prices are dropping so they can be sold and be affordable. Tax increases are expected to
be requested at all levels of government.
Many people chose to ignore their right to appeal their SEV (State Equalized Value), 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. Property Values have dropped so much that it is almost advantageous for everyone to appeal their assessment.
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.
Please check our website in January for a list of the locations at which we will be presenting the seminars. For more information call 313-278-8383. If you wish to sponsor a seminar please contact us.