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What You Need to Know About Southeast Michigan Property Taxes

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We're in early January, and in the next couple weeks, your 2016 tax assessments will come in. Now is a great time to identify what to look for when you receive those documents.

For example, let's take a look at a summer and winter tax bill for a property here in Michigan. We pay property taxes twice a year, and each bill covers a 12 month period. If you look in the upper left-hand corner, you will see the taxable value of your property. In this case, that value is listed as $135,193.

On these bills, you can see that the summer tax bill was about $3,300, and the winter tax bill was about $1,400. This property happens to be homesteaded. If you have a vacation home, cottage, or rental, you will see school operating taxes on the summer tax bills. If you feel that should not be the case, contact me.

Now, if you add together the winter and summer bills, the total tax bill for the property is around $4,600. To cross reference that, go to my website, DoorToDreams.com. There will be a link that says MI Tax Property Estimator. From there, enter the taxable value of your home. If we enter the taxable value of this particular property, $135,193, the tax estimator comes up with $4,400 a year. This is a little lower than the $4,600 in taxes that are being paid on the property, but this estimator will give you a good idea of what your taxes will be.

If you're looking to buy a home, you can figure out what the taxes might be ahead of time. Let's say you're looking for a $300,000 home. The taxable value will be about half that, or $150,000. You can enter that information into my website to find out what your property taxes will be.

For current homeowners, when you receive your 2016 assessment, look at that taxable number. If you double the taxable number, that will be your home value. If you feel that your home is worth less than that, contact me and I can help you.

I know we covered a lot of information here today. If you have any questions, please do not hesitate to reach out to me. I would be happy to help you!