property taxes

[michigan2006]

What is the name of your state? michigan the following is what i found researching regarding my question**************. MchiganTaxable Value: With the passage of Proposal '"A" in 1994, the taxable value of Michigan properties can never increase more than 5%. The consumer price index is published each October and is used as the taxable increase (if less than 5%) for the following year . The increase for 2005 is 2.3%. THE TAXABLE VALUE WILL BECOME THE SAME AS THE ASSESSED VALUE THE YEAR FOLLOWING A SALE. (It is no longer correct to think that your taxes will be similar to the sellers on your new home or vacant land.) The taxable value will again be "capped" by the consumer price index (or 5%) the second year after the sale. Your taxes and your neighbors taxes may vary greatly depending on the year the property was purchased.
My question is how do i find out before i purchase a home what the taxes will be? Knowing by the above it will be based on the assessed value, i have called the assessers office where i am looking to buy (rural area, told them the assessed amount according to previous owners current tax bill ) and they could not answer my question. Any suggestions where to find this info? Thanks in advance for your help. I love this free advice site, i have learned a lot from all of the questions and answers, some people read the paper daily, i read free advice daily, i do believe it is better than a daily paper.

 

[PghREA]

The current assessment is all they have to go on.

When I estimate someones property taxes for a purchase. I use the current assessed value times the millage rates for each taxing authority. Plus - for the worst case scenario,
I use the purchase price times the millage rates.

The assessed value is what it currently is until it is reassessed. They can't tell what it is going to be until it happens.

 

[michigan2006]

Thank you so much for your response that really helps me a lot.

 

[nextwife]

The current assessment is all they have to go on.

When I estimate someones property taxes for a purchase. I use the current assessed value times the millage rates for each taxing authority. Plus - for the worst case scenario,
I use the purchase price times the millage rates.

The assessed value is what it currently is until it is reassessed. They can't tell what it is going to be until it happens.

Sounds like a nightmare for those who do the underwriting to determine if someone is or is not qualified to handle the payments on a property they are mortgaging.

 

[LindaP777]

Another satisfied customer!
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