Metro Detroit property taxes and buying a Wayne County Home
Metro Detroit property taxes and buying a Wayne County home. I answer questions on another big real estate site, and somebody asked me if if the city reassessed a home after they purchased it. Here was my answer on how Metro Detroit property taxes worked when buying a Wayne County home.
When you buy a home Metro Detroit property taxes are not reassessed. (foreclosures and private owned homes are treated the same) What happens when you buy a home the property taxes are reset to the SEV (state equalized value) times the millage rate. So ask your realtor what the (state equalized value) SEV is and call the city to find the millage rate. Many times the city will tell you what the new Metro Detroit property taxes will be on a property. They will usually do it once for you.
Another way is to look at the current taxable rate and compare it to what the SEV. If the current taxable is less than the SEV then your taxes are going up. If the SEV is the same as the taxable value then it won't go up. Of course if the city raises the taxes on the property in the first year after you buy it, it changes the above scenarios. I hope this explains what happens when you buy your home.
http://www.detroitmichiganrealestatehomes.com/005354 Posted on Jun 24, 2010 @ 10:48 pm by russ.ravary - View Profile
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