2008 Oakland County Assessed Property Values Tumble

Updated January 25, 2008

According to Andrew Sawmiller in the January 23, 2008 edition of The Spinal Column weekly for the Lakes Area of western Oakland County "Lakes Area" assessed property values decreased by an average of single digits in 2008. According to the article, "only two communities in Oakland County did not have a decrease in property value...."  (Look under Archives January 23, 2008 for the entire article after the week of January 21 - 26, 2008)

The following local communities were highlighted in Andrew's article Residential property values declining across western Oakland County

• Commerce and Wolverine Lake property owners will see an average drop of 5.27 percent in their residential property values.

• Milford's average residential property assessment values fell by 2.55 percent in the last year.

• Orchard Lake homeowners may see an unprecedented decrease in their property's assessed value. Sailer said he expects to see a decrease of about 2 percent on average.

• Walled Lake is expected to see an average decrease in residential property assessments of about 7 percent this year, which is one of the largest decreases in Oakland County.

• Waterford Average assessed residential property values have decreased 5.84 percent in Waterford Township during the last year.

• West Bloomfield Homeowners in West Bloomfield will see an average drop in the property assessment of 4.76 percent.

• White Lake property owners are slated to see an average decline of 6.28 in property values.

 I encourage you to read Andrew Sawmillers entire article above.

Why your taxes may not decrease!

Although State Equalized Values (SEV) for Oakland County may decrease an average of 5 percent, property taxes for long time homeowners may actually increase due to Proposal "A" . More information is available on 2008 Oakland County Property Taxes and Proposal A in this Oakland County Equalization Department will have all of 2008 assessed values shortly. Look for all information to be available on the Oakland County Equalization website shortly. If you have questions about Oakland County property taxes and equalization please read this 2008 Proposal A Pamphlet . More information is available in this Oakland County Guide to Property Taxes and Proposal A

Typically, property assessments are mailed the middle of February to homeowners. With your notice, will be information about determining State Equalized Values, your assessed values, and your properties Taxable Value.  Each homeowner has the opportunity to dispute any property tax increase to their local government in March and to the Michigan State Tax Tribunal later in the year. More information is available from your local government.

NEW JANUARY 25, 2008  Detroit News Interactive Assessment search for Livingston County, Oakland County, Macomb County, and Wayne County. Values will change by school district. Final results will be mailed to property owners.  More information about taxes increasing is available in their article Assessments Fall Taxes May Rise

Usually there are long lines at local government offices prior to the dispute period. If you would like to save yourself some time. Legal owners of property in most of southeastern Michigan can email me and request a brief search of recent sales in their subdivision or area. We will need the following information to search online for recent activity:

• Your name (must be a legal owner)
• Property address
• 2008 State Equalized Value of your home
• 2008 Taxable Value of your home
• A statement allowing your permission to have a real estate professional review your information and email you recent comparable sales.

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Search for homes in Oakland County Michigan and surrounding areas on http://www.mi-living.com/