Property Tax & Slump in Home Prices

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Property Tax & Slump in Home Prices

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Patrick

Posted 1/19/2008 5:11 PM

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Last Login: 3/5/2010 1:15 PM
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I have watch my property tax go up and up over the last few years in Canton. The tax was around .99 cents per sq foot when I purchased my home in 2000 and today is is around $1.40 per sq foot. Today the home prices are about the same as they were four years ago.

I am looking at getting my property re-assess to see if this will reduce the tax. There have been so many businesses in Michigan, including automotive, that have moved out of state you would think Michigan would start doing something with the high property taxes here. I visited a friend in Tennessee a few years ago and there were homes over 3000 sq feet price 30% less than homes in Michigan and property tax of around .50 cents a sq foot.

There is so much in the news about the economy slowing and what can be done to boost the economy. What if locally or state by state at least a reduction in property tax. This may not help folks that rent but I am sure this would still give a boost the economy, and maybe help out some small business owners.

Post #517

leslilli

Posted 1/19/2008 8:09 PM

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Last Login: 2/6/2008 3:35 PM
Posts: 30, Visits: 33

we have the same on our home. the taxes are higher than we thought they would be (natively basing it on what the former owners paid) and we called the local tax accessor about it. although we just bought a home in an area that has lost alot of jobs and a lot of the home of foreclosures, the tax rate in the area went up because they cannot include the foreclosed home in the assessment of the neighborhood and the area taxes. the tax accessor said that they can only use the homes that sold on the regular market. the extra in taxes we are able to cover but i feel for the folks who are already struggle in this area when they get their tax bill or a higher mortgage payment.

chic geek

i love crafty thiungs.

Post #526

Patrick

Posted 1/19/2008 8:37 PM

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Last Login: 3/5/2010 1:15 PM
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the tax accessor said that they can only use the homes that sold on the regular market. the extra in taxes we are able to cover but i feel for the folks who are already struggle in this area when they get their tax bill or a higher mortgage payment.

This was a really good thing to know. I did not know the assessor would have to exclude foreclosures. In my area I know many homes sold but I don't really know if there were any foreclosures. I am going to give it a shot and get it scheduled. I know my home price is really reduced from a year ago and there is no way I should be paying the taxes that I am paying. Well that is my soap-box hopefully Canton will agree.

Post #528

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