Property taxes can be confusing and expensive. And what you don't know can cost you. The elimination of the Federal deductibility of property taxes makes it even more important to keep your property taxes as low as possible.
Every homeowner should have basic understanding of the property tax system: Assessments, Valuations, Tax Rates, Important Dates and the Appeals Process.
In most instances you can appeal your property taxes on your own and lower your tax bill without legal help. Although the process is available to every homeowner, most don't use it. Mainly because they don't understand it and thus cost themselves hundreds or even thousands of dollars over their time of homeownership. Don't let this happen to you.
An successful appeal:
Every homeowner should have basic understanding of the property tax system: Assessments, Valuations, Tax Rates, Important Dates and the Appeals Process.
In most instances you can appeal your property taxes on your own and lower your tax bill without legal help. Although the process is available to every homeowner, most don't use it. Mainly because they don't understand it and thus cost themselves hundreds or even thousands of dollars over their time of homeownership. Don't let this happen to you.
An successful appeal:
- can result in lower tax payments
- can result in a lower mortgage payment (if your taxes are escrowed)
- can result in lower property tax increases in future years because reduced Taxable Value
FIRST YEAR PROPERTY OWNERS
SPECIAL ALERT!
- If this is the first year owning your home then one of the most important things you can do is to make sure that your property is properly assessed the first year of ownership.
- Ignoring this can cost you thousands of dollars over the life of your homeownership.
- This will be the only time that your state equalized value (SEV) will be the same as your taxable value. It will greatly impact your cost of ownership due to the “pop-up tax.” It can make your monthly mortgage payment unaffordable next year.
You want your taxable value to start out as low as possible. The only way to get it done is to appeal your property tax assessment. The good news is it's not hard to do. Since you just bought the house, you probably have all the documentation you need to make an effective appeal.
Empower Yourself to Appeal
Master Class Takeaways
- Understand Michigan’s 4 residential property tax values
- Know your assessment and why you pay the taxes you pay
- Ability to confidently engage the Michigan property tax appeal process
- Understand what you need to do to have a successful appeal
- A strategy for property tax appeal negotiations
- Confidence to make informed decisions
- Evergreen principles that you can use every year to keep your assessments fair and accurate
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Here is a short video introducing the property tax assessment notices
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