Michigan Home Buyers BLINDSIDED By Property Tax SPIKES

Hi Paul, the state Constitution says the taxable value shall not exceed 50% of the true cash value. I talked to our local assessor and he says the goal is 50%. Well, my goal would be closer to 0% :). What goes into this? How do I get my taxable value down from their "default" of 50%, down to 45, or 40% for example? The law indicates "up to 50%" not 50%. Thanks!

What do you think of Canton and all of the hideous traffic and lack of any infrastructure improvement.

Farmington Hills is killing me these days .

Just a reference. The property tax of my other home in Arizona, which costs more than 3 times, is less than half of my home in Southeast Michigan. I am so sick of Michigan property tax

Thank you, Paul. Do you have any videos about State Equalization and the local assessors ECF and how that's used to calculate the TCV, assessed value, and taxable value after purchasing a home? I'm facing a 39% increase based on ECF and State Equalization. I'm also seeing others appealing to the MTT because the TV/AV is MORE than half of the purchase price! And the assessor's response is one market sale is not used to calculate taxes...thus, they're using the ECF to justify market value and a TV/AV that's more than 50% of the purchase price.

You have to pay for the pensions which are artificially inflated by paying the last 3 years of work. Government employees state,county and some cities in Michigan have retirement contracts that go by the 3 highest years so they work a massive amount of overtime and the pensions are enormous.!!!

Great video! Say you buy a home and it serves as your primary residence for the first 3 years. If on the 4th year you move out and turn it into a rental, are you still locked in at the 5% property tax increase rule, and not affected by the full non-homestead millage? Or does it reset again? Thanks!

It is time to stand up for big government. How dare the liberals increase the property tax during the inflation.
We need to stand up and cut big government spending.

So basically State governments always benefit from inflation, housing bubbles, and a population headed towards rental housing. Nice.

I was very forunate with the house I am in the closing process for in Ferndale. The house was a rental and was purchaged in 2021 last. So the taxes were very high on the listing. I think that helped us get this house under apprasal in such a hot market like Ferndale . So with the adjusted sale price of the house and it now being a homestead the price will only go down slightly. So for most peroperties its like how you explained but in some cases it can be an advrange to you as a buying to already see the tax price. espcially as a first time home buyer.

in grand rapids they take what you pay for the house and add an extra 20% to come up with their valuation.

You provided some great information my wife and I are getting ready to purchase a second home in Barry County and without that homestead exemption the taxes are ridiculous

I appreciate your candor.

TIL that I have a really high tax rate compared to other metro cities 😭

Hi Paul I’ve been binging your videos as my family of 4 considers selling our Colorado home to move back closer to my wife’s family. Question - no doubt your taxes are INSANE compared to CO’s. But is there any truth that Michigan state tax refunds actually gives you some of that back at year’s end?

I bought a house last year in June my taxes went up about 1750. I'm paying almost $5,000 in taxes now, the previous owner was paying like 3100. And my house gain in equity another $27,000 since I bought it. People be happy that their value went up but they didn't tell you about those taxes is going up to, it's a price for everything

Looked at the tax projection on a property I was interested in and it came in somewhere around 600/month, this shit is pretty fucked up!

Hi! Saw you on Lawyer Lehto's show the other day. I'm Dixie Champagne from Ep. 38, and I'm actually up here doing what I said I was going to do. The addy next door to mine has become available for sale on DLBA's "Own It Now" pgm. Let me watch your vid, PLEASE feel free to enlighten a "Bleachy-Haired Honky Bitch" from Atlanta to the ways of DLBA real estate. Preshaycha, Paul, look forward to more of your vids (B-HHB is the title of one of Hollis Gillespie's memoirs)

Thank you for the information. Very helpful.

Wow🤔🤯!

New build listings are especially scummy since they will list the property tax of the empty lot (very cheap) vs the taxes once the new house is built (very not cheap) ¯\_(ツ)_/¯