Need info on Michigan Property taxes?

I’m from South Bend IN and considering buying a house in Niles mi…My parents said I probably shouldn’t because the taxes are so high…is this true? How do they assess property taxes there? I heard it was based on what you buy your home for, and they go up each year?

One Reply to “Need info on Michigan Property taxes?”

  1. What is property tax in MI?

    Property tax is an ad valorem tax that an owner of property pays on the value of the property that is being taxed. There are three different types of property: Land, Improvements to Land (eg. homes, buildings or parking lots), and Personal (eg. Automobiles, boats and computers). The taxing authority requires and/or performs an appraisal of the monetary value of the property, and tax is assessed in proportion to that value. Forms of property tax used vary between countries and jurisdictions.

    There is a form of tax which is often confused with the property tax. This is the special assessment tax. There are two distinct forms of taxation: ad valorem tax, relying upon the fair market value of the property being taxed for justification, and the other, special assessment which relies upon a special enhancement called a “benefit” for its justification. This is typical if for example your road was recently paved and only those in your neighborhood were taxed.

    The property tax rate is often given as a percentage (amount of tax per hundred currency units of property value). It may also be expressed as a permille (amount of tax per thousand currency units of property value), which is also known as a millage rate or mill levy. (A mill is also
    one-thousandth of a dollar.) To calculate the property tax, the authority will multiply the assessed value of the property by the mill rate and then divide by 1,000. For example, a property with an assessed value of $ 150,000 located in a municipality with a mill rate of 20 mills would have a property tax bill of $ 3,000.00 per year.

    Michigan property tax

    The National Taxpayers Union estimates that as much as 60%
    of taxable property in the United States is over assessed. However, only 5% of homeowners protest their assessments. Most people are unsure of the process to lower their taxes or have never known anyone that has. This site hopes to give help through information contained here or through our network of “Property Tax Experts” to help you pay your fair share of property tax.

    Mistakes can often be a reason why a taxing authority values your home for more than the current market would allow. Obvious mistakes aren’t difficult to spot. Is the square footage figure correct? Does the assessment say your home has four bedrooms when it only has three? Property description and information with your assessor should be reviewed for

    Well in order to assess/estimate the annual tax on the proposed property, better details should be gathered by you.

    Good Luck.

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