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Old 08-04-11, 10:21 AM   #1
gmal2003
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Home buying advice/help: Property taxes first year and beyond

I am looking to buy a house soon with the market being as it is. I need help finding out how much my property taxes will be the first year and beyond. In Detroit (please spare me your Detroit jokes there are lots of really nice and upcoming college grad/youth movement areas) I know the tax amount usually increases after the first year and/or the taxes are more if u havent lived in your house for x amount of years. Ive done research but cant find what im looking for. Any info or direction of where to look/who to ask will be greatly appreciated.

Thanks in advance!
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Old 08-04-11, 10:23 AM   #2
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Re: Home buying advice/help: Property taxes first year and beyond

Taxes vary. The only safe prediction is that they will go up.
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Old 08-04-11, 10:32 AM   #3
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Re: Home buying advice/help: Property taxes first year and beyond

Your first year, you'll probably only have to pay taxes for 1/2 the year. The next year you will pay the full amount.

As for Detroit, I hear that if you let them beat you in, they wave the taxes on the first year. If you let them sex you in, you get two years waved.
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Old 08-04-11, 10:36 AM   #4
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Re: Home buying advice/help: Property taxes first year and beyond

https://treas-secure.state.mi.us/pte...testimator.asp

when i bought my house, the house tax was paid up to the current semester (property tax is paid for 6 month periods where I live).
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Old 08-04-11, 10:37 AM   #5
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Re: Home buying advice/help: Property taxes first year and beyond

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Originally Posted by Thor Simpson View Post
Taxes vary. The only safe prediction is that they will go up.
and up and up..............................
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Old 08-04-11, 11:08 AM   #6
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Re: Home buying advice/help: Property taxes first year and beyond

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Taxes vary. The only safe prediction is that they will go up.
Been in the same house for 11 years. My property taxes have never changed.
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Old 08-04-11, 11:12 AM   #7
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Re: Home buying advice/help: Property taxes first year and beyond

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Originally Posted by cungar View Post
Been in the same house for 11 years. My property taxes have never changed.
You lucky son of a ................., ours go up every damn year.
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Old 08-04-11, 11:15 AM   #8
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Re: Home buying advice/help: Property taxes first year and beyond

There isn't a good way to figure that. You may have a school bond that passes, a number of other taxing districts may pass stuff, and you may have bonds, levies, etc. that don't pass. Mine have gone both up and down over the years. If the fluxuation of taxes has a financial impact on you (and you aren't living on a fixed income), buy something cheaper.
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Old 08-04-11, 12:15 PM   #9
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Re: Home buying advice/help: Property taxes first year and beyond

Property taxes are usually based on assessed values. Typically, to keep tax revenues more or less constant, when assessed values rise, the tax rate is lowered and when assessed values drop, the tax rate is raised. Then there are special circumstances like those mentioned by kvrdave, budget deficits, etc that cause taxes to go up.

If you want to know what the taxes were historically, you should be able to get that from the tax records which are usually public. Start with a public records search
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Old 08-04-11, 12:25 PM   #10
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Re: Home buying advice/help: Property taxes first year and beyond

Usually, they are assessed by the county. We have a county treasurer's office that does the assessments. That would be the place to start.

All MLS listings have last year's taxes listed, I thought. Some states have a grandfather clause, so a new buyer's taxes won't match the existing owner's taxes, but if your state doesn't have one of those, your taxes won't change from the existing owner's.
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Old 08-04-11, 12:27 PM   #11
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Re: Home buying advice/help: Property taxes first year and beyond

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Originally Posted by GMan2819 View Post
Typically, to keep tax revenues more or less constant, when assessed values rise, the tax rate is lowered and when assessed values drop, the tax rate is raised.
You must live in a tax utopia! Most places have taxes go up when assessed values rise, because the levy remains constant.
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Old 08-04-11, 01:12 PM   #12
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Re: Home buying advice/help: Property taxes first year and beyond

Don't know if Wayne is the right county or not but try this

http://publicrecords.netronline.com/...24&county=1310

Some counties put up there tax rates in the assessment info and some you can even look at tax bills for specific properties.
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Old 08-04-11, 01:16 PM   #13
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Re: Home buying advice/help: Property taxes first year and beyond

1. Check a RE site like Zillow and look up the address. Should show prop tax paid / assessed value. Also look at addresses of similar houses near the house you're interested in.
2. Look up county property tax site and look at the rates (city tax, fire tax, school tax, etc).
3. Look up homestead exemption for your state.

Those three are the easy stuff to look at.

The tricky stuff:
1. if the previous owner had the house for a long time and had the value capped while the next owner see a re-assessment and a huge increase in taxes.
2. Closing cost bs, buyer might get stuck with prop taxes for the whole year.
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Old 08-04-11, 01:56 PM   #14
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Re: Home buying advice/help: Property taxes first year and beyond

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Originally Posted by gmal2003 View Post
I am looking to buy a house soon with the market being as it is. I need help finding out how much my property taxes will be the first year and beyond. In Detroit (please spare me your Detroit jokes there are lots of really nice and upcoming college grad/youth movement areas) I know the tax amount usually increases after the first year and/or the taxes are more if u havent lived in your house for x amount of years. Ive done research but cant find what im looking for. Any info or direction of where to look/who to ask will be greatly appreciated.

Thanks in advance!

property Taxes go up, but property values will continue to go down.
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Old 08-04-11, 02:08 PM   #15
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Re: Home buying advice/help: Property taxes first year and beyond

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Originally Posted by LurkerDan View Post
You must live in a tax utopia! Most places have taxes go up when assessed values rise, because the levy remains constant.
Depends on the state and the taxing district. Our schools take a fixed amount for the levy and when tax assessments go up (or a bunch of windmills are built) the amount for the levy remains constant, but the tax rate goes down because there is more value to pay it. Most fire districts get a rate and not an amount, however. Really depends on the taxing authority.
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Old 08-04-11, 02:34 PM   #16
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Re: Home buying advice/help: Property taxes first year and beyond

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Originally Posted by gmal2003 View Post
I need help finding out how much my property taxes will be the first year and beyond. In Detroit ...
In Michigan, the state-equalized value (SEV) will be the same as it was until March of the next year. At that time, you will get a new SEV, which will be based on purchase price.

At closing, you will have to pay back taxes (to the current owner) for whatever portion of time in that year you will be living there.

I think someone provided this, but you can assume your future SEV will be 50% of purchase price and then input everything into MI's property tax calculator: https://treas-secure.state.mi.us/pte...TEstimator.asp

Or: Detroit's tax rate is currently about 66 mils and you can calculate from there.
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Old 08-04-11, 02:40 PM   #17
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Re: Home buying advice/help: Property taxes first year and beyond

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Originally Posted by superdeluxe View Post
property Taxes go up, but property values will continue to go down.
No, they work in tandem, or they should. My property taxes were adjusted to however much the county assessed my home (the county's assessment is always way lower than actual price). When the assessment price kept going up, so did property taxes (not by much though), and when they went back down, so did the property taxes.
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Old 08-04-11, 03:10 PM   #18
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Re: Home buying advice/help: Property taxes first year and beyond

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Originally Posted by mbs View Post
In Michigan, the state-equalized value (SEV) will be the same as it was until March of the next year. At that time, you will get a new SEV, which will be based on purchase price.

At closing, you will have to pay back taxes (to the current owner) for whatever portion of time in that year you will be living there.

I think someone provided this, but you can assume your future SEV will be 50% of purchase price and then input everything into MI's property tax calculator: https://treas-secure.state.mi.us/pte...TEstimator.asp

Or: Detroit's tax rate is currently about 66 mils and you can calculate from there.
This, but you want to know what the tax would be if levied on the SEV. We also have the Headlee amendment which capped the tax. The assessed value could only increase at the rate of inflation or x percent. For many homes that haven't been sold for a while, there is a BIG difference in the taxable value and the SEV. When the home is sold, all bets are off, and the tax is levied on the SEV. You need to know taxable value, SEV, and current millage.
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Old 08-04-11, 03:37 PM   #19
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Re: Home buying advice/help: Property taxes first year and beyond

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Originally Posted by slop101 View Post
No, they work in tandem, or they should. My property taxes were adjusted to however much the county assessed my home (the county's assessment is always way lower than actual price). When the assessment price kept going up, so did property taxes (not by much though), and when they went back down, so did the property taxes.
that's how it works for me.
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Old 08-04-11, 04:19 PM   #20
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Re: Home buying advice/help: Property taxes first year and beyond

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Originally Posted by OldDude View Post
When the home is sold, all bets are off, and the tax is levied on the SEV.
It's a safe bet that, upon purchase, the SEV and taxable value will reset to 50% of purchase price. I've bought three houses in MI since 2008 and SEV & taxable value have been reset to exactly 50% of purchase price in all three cases (that said, none were in Detroit, all in Washtenaw county).
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Old 08-04-11, 04:19 PM   #21
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Re: Home buying advice/help: Property taxes first year and beyond

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Originally Posted by slop101 View Post
No, they work in tandem, or they should. My property taxes were adjusted to however much the county assessed my home (the county's assessment is always way lower than actual price). When the assessment price kept going up, so did property taxes (not by much though), and when they went back down, so did the property taxes.
They should..but it appears they just raise the property tax level, or add different taxes on top of it, for example:

2010 $3,524 3.6% $253,600 -8.0%
2009 $3,401 -4.0% $275,700 -11.2%
2008 $3,542 -2.0% $310,400 -0.2%
2007 $3,613 3.2% $311,100 11.7%
2006 $3,501 15.2% $278,500 27.9%

Property taxes stay about the same or go up..while property value drops like a rock.
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Old 08-04-11, 07:19 PM   #22
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Re: Home buying advice/help: Property taxes first year and beyond

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Originally Posted by mbs View Post
It's a safe bet that, upon purchase, the SEV and taxable value will reset to 50% of purchase price. I've bought three houses in MI since 2008 and SEV & taxable value have been reset to exactly 50% of purchase price in all three cases (that said, none were in Detroit, all in Washtenaw county).
Agreed. My point was that you need to find that number and don't even look at what the prior owner used to pay. It will just make you mad.

(Although lately with depressed market SEV has fallen to the cap value in many places.
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Old 08-04-11, 07:51 PM   #23
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Re: Home buying advice/help: Property taxes first year and beyond

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Originally Posted by Thor Simpson View Post
Taxes vary. The only safe prediction is that they will go up.
My property taxes have decreased, and it has nothing to do with the value of the house. Delawareans complain when property taxes go much above $1500-$2000.

That's per year.
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Old 08-04-11, 10:47 PM   #24
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Re: Home buying advice/help: Property taxes first year and beyond

How much are you guys paying in taxes?

For me, assessed value = $205K, taxes = ~ $4,600
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Old 08-04-11, 11:26 PM   #25
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Re: Home buying advice/help: Property taxes first year and beyond

Wow. It is right around $10 per $1,000 of assessed value for me. Property is suppose to be assessed at 100% of market value, but it is all over the map...especially with a new, stupid assessor. So $205,000 would be right around $2,000 a year for me.
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