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Huge losses in home owner equity due to ridiculous property tax laws!
Michigan home owner have been betrayed by local, county and state government at the highest level. Michigan property taxes, specifically non-homestead taxes, and the refusal of many communities to reduce the State Equalized Value (SEV) to reflect the current market have eroded equity and caused in some cases more Homeowners to walk away from their home due their loss in equity.
Here is what has been going on. When a home is foreclosed on by the bank the taxes revert to non-homestead taxes from the lower owner occupied or homesteaded taxes. An additional 18 mills of property taxes are levied on non-homestead property, intended for industrial, rental, commercial property and second homes. Not bank owned homes.
Here is just one of many examples of this gross negligence by Michigan law makers. A condo in Ypsilanti is listed with a broker at $49,900. The current SEV is $65,000 the fair market value according to the city of Ypsilanti is $130,000. The taxes are $5700 or $475 a month for taxes! The mortgage payment principal and interest would only be about $300 a month.
When a buyer applies for a mortgage they use the current taxes as a part of the total payment that a buyer can afford or qualify for. Therefore Banks have no option but to lower prices to compensate for this DISADVANTAGE on taxes.
Owner Occupied Homestead
Home #1 Listed at $100,000
Homestead Tax $2400 yr. / $200 mo.
Mortgage Amt $90,000 / $540 mo.
Monthly Pmt. $740
Bank Owned Non-Homestead
Home #2 Listed at $67,000
Homestead Tax $4800 yr. / $400 mo.
Mortgage Amt $56,000 / $340 mo.
Monthly Pmt. $740
The only option given Banks is to lower their price to compete for buyers. IT GETS WORSE - Now the lower price bank owned home is the new value benchmark for appraisals! Now, Home #1 even if it did sell for $100,000 it would not appraise! This process is creating more foreclosed properties due to loss of equity and inability to sell at what should be market. And the cycle repeats itself.
The intent of the none-homestead tax rate is for none owner occupied rental homes not to create a DISADVANTAGE for banks to sell their foreclosure homes.
The tax appeal process creates yet another DISADVANTAGE for banks in that the homeowner must first appeal to the local government, and then if declined locally they may appeal to the State. Banks do not have the resources to invest in these appeals.
Don't be fooled, Michigan Tax law has help drag down the entire US bank system, it is responsible at least in part if not in whole for the citizens of Michigan catastrophic loss of equity and in some cases the loss of their homes. An immediate price recovery will follow the lifting of Non-Homestead taxes for bank owned homes. Do all you can to make this happen.
There is much more to this problem but let's start there then work on SEV issues.
Written By MARK BULLARD / Real Estate Broker with Keller Williams Realty Ypsilanti
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.