Oakland County property tax assessments were mailed out this week. Its very important that you review the assessment notice, as you have narrow time frame to contest it if you feel that it is improperly assessed. Your taxes for 2006 will be based upon taxable value.
If you bought your home in the last 12 months, the SEV should be about half of the price you paid for the home.
If think your assessment might be too high, or you don’t know, please give us a call. We will provide you with sales data for homes in your neighborhood.
Written by Maureen Francis
SKBK Sotheby's International Realty, 248.430.4450
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{ 4 comments… read them below or add one }
Brian Brass 01.28.07 at 6:08 pm
MAUREEN -
I still have trouble understanding how Proposal A works. Having moved to Michigan in early 2006, I believe I overpaid for my property as prices continued to spiral down the rest of 2006. The SEV is more than 2X the pruchase price a more than the actual value. How would I present comps at a review board meeting? What time frame would the comps be from?
It’s a little unsettling that I’m in the Mortgage Banking business and I can’t seem to comprehend how this real estate taxation system works. Better yet what can we do to help change the system?
Thanks…
BRIAN
Maureen Francis 01.28.07 at 8:24 pm
When your assessment notice comes next month it will have a phone number on it to call to schedule the meeting with the board of review. You could use comps for the whole of 2006 but you could probably get away with even just the second half of 2006.
When I went, all I took was my Purchase Agreement and the appraisal that was done with my mortgage. They lowered it.
I have provided comps for my clients in the past. Especially those who were not new homeowners.
tom schanaman 07.29.07 at 12:08 am
I think I understand how proposal A works but I have a real problem with my tax assesment. I bought a home in grant township as a second home for 94000. When I went to close on the property I found out it was assessed at 176000. I sent all paperwork in to the township just to get a reply that none of the comps were in grant township. I pulled comps within 7 miles of my home I included an appraisal and full pictures of the home. I can not homestead and taxes are close to 4500 for the year. I can go to michigan tribunal but they may denie me because I am past their due date. Does any know if my next year tax assessment will be what I paid for the house? I was reading act 200 of the general property tax act and it states the true cash value will be used unless bought at an auction. This was not bought at auction. Do I wait and hope the taxes are reduced to what I paid for the property or do I hire a lawyer. Can I file for punitive damages due to their decision. Any info would be greatly appreciated.
Thanks
Tom
MICHAEL j 01.16.09 at 2:31 pm
I would like to know, I have a house next door, that has been vacant since august..
it has droped in value, from 212,000 to 99,000, owned by the bank, how do I approach the review board, you see last year, they (review) quoted a house up the street, and what it sold for. They also said they are only given so much to play, and they have to have some for thiose not yet interviewed, what does that mean, and what about the foreclosures? there are 181 of them in my town.