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Home Buying Guide

Property Tax Facts...

When shopping for a home you may be drawn to properties that have lower taxes. However, keep in mind that some properties have lost their "homestead" exemption meaning that they are temporarily being taxed at a higher, non-owner occupied rate.

When you purchase a non-homestead property that you plan to occupy as your principal residence, you will file the necessary homestead exemption forms with the community assessor's office after closing. When your spring property assessment comes out, you should then be taxed at the "homestead" rate....a rate that is much lower than what the property was taxed at before.

In the reverse, if a property seems to have very low taxes it could be due to an owner having occupied that property for a very long time and with the help of proposition "A" that passed many years ago, their taxes have been "capped" and kept low. If you purchased a property that seems to match this scenario, it is possible that your property taxes will go up because the property will then be "uncapped".

For example, let's say if there were 2 homes on the same block, each identical in every way but with different property tax amounts. If they both sold and closed at the same time each would be re-assessed by the community assessment department at the same time (the following spring) and their property tax amounts should then be adjusted to an amount that would be the same (or similar).

So, in the end, property taxes for any property you buy will ultimately be adjusted...either up or down. It is all based on the community assessment department and their interpretation of the current value of the property.

It is a GREAT time to buy a home so take advantage of today's low home prices and low interest rates.

The cost to you to receive expert buyer representation provided by Steve Hatfield is ZERO $$!
That's right...FREE Buyer Representation!!

Put Steve Hatfield's 23 years of experience to work for you... Contact Steve now!

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  Steve Hatfield
REALTOR® ABR, CRS, e-PRO Certified
CENTURY 21 Curran & Christie
25636 Ford Road
Dearborn Heights, MI 48127
Office: (313) 274-7200
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Licensed Realtor® Since 1987 (#6501221773)
realtor Accredited Buyer Representative Certified Residential Specialist e-PRO

Steve Hatfield, Realtor® provides professional real estate / home buying services to buyers and sellers in Dearborn Michigan, Dearborn Heights Michigan, the Wayne County MI (Southeast Michigan) communities of Livonia, Canton, Redford, Westland, Garden City, Plymouth, Northville and the Oakland County cities of Farmington / Farmington Hills and Novi Michigan.

Equal Housing OpportunityIn accordance with the law, the properties, real estate services and homes for sale featured on this web site are offered without respect to race, religion, color, creed, national origin, sex, physical limitations / disabilities or familiar status.

REALTOR® is a registered collective membership trademark that identifies a real estate agent / professional who is a member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict code of ethics.

Century 21 Real Estate Corporation © and sm trademark and servicemark of Century 21 Real Estate Corporation. Equal Housing Opportunity. Each office Independently Owned and Operated.

Copyright © 1996 - Steve Hatfield
Graphics and content may not be reproduced or copied in any way with out written permission from Steve Hatfield.