Posted by JML755 on August 05, 2008 at 07:51:21 from (66.184.63.110):
In Reply to: O/T property taxes posted by farmer101IL on August 03, 2008 at 18:38:32:
Spook,
I don't think taxes will go down here in MI. The Headlee amendment passed yrs ago capped any tax increases (inflation rate, I think). That meant that as our property values increased due to market forces, the "taxable value" lagged behind. That is why the tax bills show 2 values (SEV & taxable). For people who've been on their property for a long time, the difference can be substantial. One side effect is that when a property is sold, the taxable value "pops up" to equalize to the market value. This is a real shock to people who buy property expecting to pay the property taxes that are currently being paid (and shown on the realtor listing) then a year later get a new assessment. In some cases, folks' taxes doubled overnite. This also means that 2 households with basically the same house in the same neighborhood (even right next door) can be paying drastically different taxes, depending upon when they bought the property.
This also means that your "fair market value" assessment can drop, as is happening right now due to the market, but the taxable value can increase because taxing authorities are catching up (or closing the gap between the 2 values). It's making a lot of people angry, but you can't have your cake and eat it too. All those people never squawked when their property values increased but their taxes stayed low.
Cities, townships, counties here in Michigan are seeing more red ink than ever in their budgets. One of the problems is retirees and their health insurance. Like the auto companies, municipal employees were promised FREE health care and generous retirement benefits. This is eating up a lot of our tax dollars. No easy answer either.
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