One subject I discuss with any new client are Michigan Real Estate Taxes and how they are computed by the assessor. Please disregard the amount of tax charged to the current owner. All real estate is re-assessed when acquired by a new owner (with a few exceptions). Therefore, your taxes will almost always be different than the current tax amount paid by the current owner.
The formula for estimating your real estate tax is a simple formula of multiplying the State Equalized Value - SEV of your property (Approximately 50 Percent of Market Value) by the combined millage rates for the appropriate County, City, Village, or Township.
In the interest of keeping this very simple, you can take the Market Value of the Property and multiply it by 2 Percent to arrive at a Worse Case Scenario. For example, a Home valued at 600k could have a tax bill for the following calendar year of as much as 12k. Again, this an intentionally high figure. I would rather you be pleasantly surprised than not.
For a more accurate estimate, visit the Property Tax Estimator provided by the good people at Michigan's Department of Treasury.
For our market here in Southwest Michigan, you will most likely be plugging in either Berrien, Cass, or Van Buren for the County field. New Buffalo, Chikaming, or Lake for the Township field, and then the village or city of your choice.
Author:Paul Zubrys Phone: 269-783-5253 Dated: April 28th 2016 Views: 7,107 About Paul: I began my real estate career in 1987. Harbor Country Real Estate, Lake Michigan Lakefront Property,...
Do you know where the best beaches are located, and why? Don't worry, we do. Do you know which neighborhoods have deeded private beach rights? Which beaches have the lowest bluffs and easy beach access? Which lakefront homes are located within areas designated as High Risk Erosion? We know, because 255, 255); background-color: rgb(165, 165, 165);">Lake Michigan Lakefront Property and beach access real estate in Southwest Michigan is all we do.
Let's talk before you move forward with your next real estate transaction. You will be glad you did.
Paul Zubrys, Principal Broker / REALTOR
Southwest Michigan & Northwest Indiana Real Estate since 1987.
Memorial Day Weekend, Sunday May 28th and June 4th; 11:00am to 3:
"Best website for lakefront property in Michigan. Period. Nothing else is even close. Paul’s combined level of knowledge, expertise and integrity is refreshingly high in an industry which seems to have many agents that lack all three. He is the only broker I would use in Michigan."
Dan T (last name withheld for privacy / security concerns)