The Proposal A Shock: My House is Worth More Than Last Year??
Published March 6th, 2007 in Beverly Hills MI Real Estate, Birmingham MI Real Estate, Bloomfield Hills MI Real Estate, Buyer Information, Finance, Metro Detroit, Royal Oak MI Real Estate, Seller Information, Taxes, Troy MI Real Estate.
It is Board of Review time again, and citizens across the state are headed in to appeal their property taxes. If they read the Freep today, the might be left with the impression that they are destined to be overtaxed. Yes, it does seem ironic that taxable values/SEV’s went up last year by 3.7%, the largest increase since 1994, in a year that property values fell.
A few things to remember:
- Dmitry and I routinely assist our clients with property tax issues. You will need a recent set of comparable sales to defend your request for a reduction in taxes. We will provide this for our clients.
- The city of Birmingham lays out the board of review process very well.
- If you are considering a move in the next few years and you have lived in your home a long time, you should closely review your assessment. Even though your taxes are capped, they will become uncapped for the next purchaser. If your SEV is above market value, this could impact the resale of your home as the new buyer will be paying a higher rate based on your current SEV. It is best to take care of this sooner, rather than later.
My personal opinion has remain unchanged. Prop A is intrinsically unfair and it is hurting the Michigan real estate market and adding to our economic challenges. Two identical properties should not be taxed differently just because one has been owned longer.
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______________________________________________________________Written by Maureen Francis
SKBK Sotheby's International Realty, 248.430.4450
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Hi Maureen,
A lot of people are being surprised by the increase in taxes. Our home was just assessed an increase in a market which has seen double digit declines in sale prices…like many communities in West Michigan. I think the tax assessor’s review board will be very, very busy this year.