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Even as home values decrease, your property taxes may still see an increase? Why?
Many look to lower property taxes | west, michigan, values
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Inflation Rate Multiplier for your 2009 property taxes. How is this figured?
Your taxable value on your property will rise every year at the rate of inflation or 5% which ever is less.
For 2009 the inflation rate is 4.4% which is less than the 5%, so this is the value the assessor uses to calculate your tax increase on your property.
Your taxable value on your property can not rise higher than your State Equalized Value, but watch out, because the assessor can raise your SEV if the property changes in any way and they see a value added to your property.
Even if your SEV goes down and your taxable value is not equal to your SEV after it goes down, your taxes will still go up.
Example: TV = $40,000 SEV was $50,000 but is reduced to $43,000 your taxable value will rise from $40,000 to $41,760 even though your SEV went down by $7000.
You get this because you take your TV x 1.044 = $41,760 which is still lower than your SEV that was reduced. Hope this helps you out.
Also, you will note on the PDF from the Secretary of Treasury from the State of Michigan that it is unacceptable for Local units to indicate to taxpayers that they do not know how this multiplier is developed.
If your taxable value is $50,000 and your SEV is $50,000, your taxes will not rise.
This information provided to you by ReFELT -Residence for a Fair, Ethical, Lean and Transparent Dorr Township Government & our private investigator, Columbo.
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Home prices plunge to lowest level in November. Down 18.2 percent from last years prices. Are property taxes decreasing same percentage? NO
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