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The MTA, Michigan Township Association, would like to advance legislation that would require that any advertisement or document that is used to sell property, which contains a reference to the property tax liability for the property, use an estimate of the last state equalized value times the last year total property tax rate as the estimated new property taxes for the property in question. 

January/February 2008/ Michigan Township News

UNDERSTANDING MICHIGAN TAXES

PROPERTY’S TRUE CASH VALUE:

The assessor must determine the true cash value of a property which has sold in the same manner that the assessor determines the true cash values of properties which have not sold. Therefore, an assessor may NOT automatically set an assessed value or a taxable value at half of a property’s selling price.

“FOLLOWING SALES” is illegal and unconstitutional according to the State of Michigan Property Tax Division.

PROPERTY’S SEV OR STATE EQUALIZED VALUE:

SEV is representative of 50% of True Cash Value and is reflective of the market.

WHAT DOES THIS MEAN FOR YOU?

Each homeowner should be monitoring the State Equalized Value applied to your home. The higher the SEV equates to a greater tax liability for a new owner when you sell your home. These levels have been virtually ignored by many home owners.

Go to: Property Search

Look up your current SEV and those of your neighbors. If you need help interpreting the data, I will be happy to help. If you feel your SEV is higher than Market Value please take advantage of your Board of Review to ask for a reduction. The BOR meets on Tuesday following the 1^st Monday in March. Contact your township for times and dates.

Deb Beck 517.617.0432

December 31st- Tax Day

March- BOARD OF REVIEW- TUESDAY FOLLOWING THE 1ST MONDAY IN MARCH. (LOOK AT YOUR SEV AND PROTEST IF IT RAISED)

MAY 1ST: DEADLINE FOR PRE

AUGUST 1ST: SUMMER TAX BILLS ARE MAILED

SEPTEMBER 15TH- SUMMER TAX BILLS ARE DUE!

DECEMBER 1ST: WINTER TAX BILLS ARE MAILED

FEBRUARY 14TH: HAPPY VALENTINES- WINTER TAXES ARE DUE!

MARCH 1ST: ALL TAX COLLECTIONS ARE TURNED OVER TO THE COUNTY FOR ADDITIONAL COLLECTIONS FEES.

The Bush administration's is trying to reach an agreement with lenders that would freeze rates.  Simple enough, right? This would help homeowners with adjustable mortgages keep from falling behind on payments when their rates are raised. This only affects 1.5 million loans that are ready for higher rates in 2008. Should the federal government help people that over extended themselves? Will this plan perpetuate the already over blown housing bubble?

Who is at fault? The borrower or lender? Which came first? Do you believe that by having the federal government "prop" up the mortgage industry the housing market will stabilize or do you believe that it artificially prevents housing prices from falling and in turn less buying in the future?