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.
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home prices and low interest rates.
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CENTURY 21 Curran & Christie
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Licensed Realtor® Since 1987 (#6501221773)
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.
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