Detroit Real Estate

Property taxes in Michigan

The last couple of days I have been preparing Comparative Market Analysis (CMA) for different people so they can fight their property taxes.  Michigan property values have fallen dramatically in the last 3 years.  Because cities depend on the property tax revenues to pay payroll and provide community services they are slow on bring down the property tax assessments.  The cities need the property tax revenues to keep the city running.  They really don't want to cut the taxes because that means budget cuts.  Many cities are doing a good job of reducing the property taxes, but there are quite a few that are dragging thier heels on lowering Michigan homeowners property taxes.

There are two numbers you need to know about on your tax statement. 

1. Taxable value - The value that is used to figure out what you pay on your Michigan property taxes
2. State Equalized Value (SEV) - what the city or assessor determines your property is worth.  The assessor looks at comparable homes that have sold to come up with this value.  State equalized value (SEV) is supposed to be 1/2 of market value.  SEV is half of what "they" (the assessor) thinks your property is worth in todays market.

In order to get your Michigan property tax assessment lowered you must go to your local board of review to fight your taxes.  You must provide good written evidence that your city property taxes are too high.  You must either

•  have a licensed appraiser do an appraisal for you
• have your real estate agent do a market analysis for you
• or do it yourself - gather comparables or listings of homes that have sold that are close to yours in size, location, and sold during the period that the city assessor wants.

The key is to have solid proof why your home is worth less than what the assessor thinks.  Then maybe they will lower your Michigan property taxes.

More info on How to lower your Michigan property taxes   Feel free to call me for help on taxes.

I hope this help you lower your city taxes.  Russ Ravary Your Metro Detroit area real estate specialist

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