On the heels of the biggest job creation in Southwestern Michigan of 3,300 new medical , Life Sciences & R&D careers, the offical word came out of Lansing, that ALL NEW PROPERTY BUYERS get for 3 YEARS a Property Tax Freeze on their property tax....

That means, if you buy a place, you pay the same property tax as the seller pays currently....

WHOA, that is HUGE news, as someone will get a home and say it is appraised at $800,000 then they SEV (State Equalized Value) is $400,000. This then gives you a Mill (Milleage) Rate of .58 mills for Non Homestead and would give you a annual tax of $23,200, BUT NOW with this, you pay what the seller pays and if the seller has owned that place for 5+ years the taxes will be A TON LOWER...


Now this is not as good a deal as what was proposed of eliminating the property tax all together and replacing it with a 9.5% consumable tax, but it is better than nothing...  
 
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2 Comments on Michigan Freezes Property Taxes!!!

New Jersey gives you nothing ........matter of fact, they collect their taxes in advance -- just in case!

04/22/2008 05:14 PM by Ernie & Barb Suto (Century 21 Preferred Realty)

Funny you mentioned that, The Eastern Side of Michigan collects their taxes before while Western Michigan collects their taxes in arrears...

 

04/22/2008 06:16 PM by Ryan Servatius (ERA Network Real Estate)

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Real Estate Agent: Ryan Servatius (ERA Network Real Estate)
Ryan Servatius
South Haven, MI
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