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Forefront Friday – Property Taxes
Shocked by your property tax bill?
For those of you here in Michigan who have lived in their homes for a while, chances are pretty good the taxable value increased more than 3% over the prior year and for those of you who recently purchased a house, that transfer of ownership uncapped the taxable value, and most likely resulted in a significant increase in property taxes compared to the previous year.
Didn’t it feel great to watch the value of your home keep rising over the past few years. In fact, some areas around where I live increased more than 28% in value just over the past 12 months.
In that case a $300 thousand dollar home in March of 2021 would be worth $384 thousand by March of 2022.
While property taxes for this home may only go up a few hundred dollars for the year. Seems like a fair tradeoff. Still with inflation hitting all other areas of life right now, the higher property tax can have an impact on the budget.
So, it is important to remember that assed values and property taxes can be appealed, and there are many law firms who specialize in helping to lower those values.