property taxes: SEV VS Home Market Value - 08/05/17 05:29 AM
Very interesting topic as I am explaining this a lot
Why a home may sell more or less than its SEV.
 
A few definitions before we start
 
SEV - State Equalized Value - According to LARA (Department of licensing and Regulatory affairs)  this is One half (1/2) of your property's true cash value. We will discuss why this is no longer the case.
 
Taxable Value - The value used to calculate your property taxes. A property's taxable value can only increase annually by the rate of inflation or 5%, whichever is less, unless there is an addition to the property (i.e., … (0 comments)

property taxes: Property taxes in Michigan - homestead VS non - homestead - 03/07/10 10:56 PM
Another reason to buy and close on home before May 1st.  You may be saying to yourself, well I do not qualify for the home buyers credit, so you are doing the lets wait and see what happens. With the anticipation of home prices dropping once again.
Well here in Michigan we have this lovely thing called NON-HOMESTEAD Property taxes.
May 1st is the dead line to file your Michigan Property tax exemption. 
Why should this matter to you?  Well the cost of property taxes will go up about 40% for non-homestead properties.  So homes that are owned by banks, owned … (13 comments)

property taxes: To reduce your SEV or Not - that is the question! - 02/08/09 11:47 PM
As realtor, I wonder what the long term effects are going to be by reducing our assessed values. For those of us that are planning on being in our home for a long time, the reduction in property taxes is all we are worried about. 
 However, for those who will want to step up in a few years.......how this will affect the neighborhoods value and listing price. 
Yes we are declining in value and the neighbors are already affected.  But one day we will come out of this and return to a "regular" market.  However we would have reduced the assessed … (1 comments)